Diesel prices dropped after the Group of Seven signaled plans to tap emergency energy reserves. French President Emmanuel Macron said the G7 would release up to 100 million barrels of oil and diesel to ease pressure from rising energy costs.

European diesel prices fell more than 8% at one point, while U.S. diesel futures dropped as much as 5.6% before settling 3% lower at $4.50 a gallon.

Analysts cautioned that the release could limit further price increases but may not fully offset ongoing supply losses. Limited progress in U.S.-Iran peace talks and Chinese exporters’ cancellation of some October refined-fuel shipments added to supply uncertainty.

November WTI crude fell 1.9% to settle at $91.11 a barrel, while December Brent slipped 0.1% to $102.25.