Global financial markets rebounded as a weaker-than-expected US jobs report and a coordinated G7 release of 100 million barrels of oil eased rate fears.

The G7 has agreed to release up to 100 million barrels of crude oil and diesel from strategic reserves, front-loading supplies to combat soaring fuel prices.

The G7 announced it will release up to 100 million barrels of diesel and crude oil over four months to combat soaring global fuel prices.

Washington has warned Europe of a potential diesel export ban unless key economies release 120 million barrels of emergency fuel supplies to combat soaring prices.

Global energy markets face increased volatility as emergency petroleum reserves reach critical lows amid an escalating conflict in the Strait of Hormuz. Analysts warn that exhausted spare capacity and potential supply disruptions could push oil prices toward the $100-per-barrel threshold.

Renewed military conflict between the U.S. and Iran has effectively closed the Strait of Hormuz, disrupting up to 14 million barrels of daily oil shipments. The IEA warns this escalation puts projections for global energy market stabilization in jeopardy.