Saturday 3 October 2026 07:30 UTC
G7 to Release 100 Million Barrels From Emergency Reserves
The G7 agreed to release up to 100 million barrels of diesel and crude from emergency reserves over four months. A large share of the diesel will enter the market in the first 20 days. Members also agreed to delay refinery maintenance where possible and avoid energy-export restrictions. Donald Trump said the US would not ban diesel exports. Saudi Arabia was meanwhile pumping close to 6 million barrels a day through its East-West pipeline, according to an industry assessment.
The US added just 29,000 jobs in September, far below the forecast of 84,000, while unemployment rose to 4.2%. Wage growth slowed to 3.02% from a year earlier. Revised figures cut the previous two months’ combined employment growth by 60,000, including a revised loss of 10,000 jobs in July. Markets raised the estimated chance that the Federal Reserve will keep interest rates unchanged in October to 85%.
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Senior US officials met at Camp David to decide their next steps on Iran and the Houthis. Vice President JD Vance chaired the meeting with the secretaries of state and defence, the CIA director and other senior officials. The meeting came as Britain’s maritime security agency reported attacks on two more tankers in the Strait of Hormuz. One vessel suffered a fire and power failure after an unknown projectile struck it, but resumed sailing after its crew extinguished the blaze. Saudi Arabia separately said it intercepted three Houthi missiles aimed at Khamis Mushait.
Ukrainian drones struck Russia’s Volgograd refinery, causing a large fire, Ukraine’s military intelligence said. Another raid appeared to hit the Tsimbulova attack-drone base; satellite fire data and imagery showed fires and ground changes there. Lithuania closed Vilnius Airport and NATO scrambled jets after detecting a drone approaching from Belarus.