Crude oil fell around 5% to $88.50 a barrel on Friday, its lowest level in a month, after the Group of Seven agreed to consider releasing up to 100 million barrels from emergency oil and diesel reserves. The coordinated action, overseen by the International Energy Agency (IEA), is expected to run for four months, French President Emmanuel Macron said. Macron said the effort aims to reduce prices after pressure from the Trump administration to respond to tightening fuel markets. Middle Eastern crude exports have recovered close to pre-war levels, but uncertainty over US-Iran negotiations continues to weigh on the outlook. Shipping risks remain a concern around the Strait of Hormuz following reported tanker attacks, while the US is strengthening air defences near energy facilities in Saudi Arabia and Qatar.