Trump said Friday that "Europe has just agreed to release a massive amount of their heavily stocked diesel oil" and that "the process will begin immediately."

The announcement comes as energy prices remain elevated during the U.S. war against Iran.

The Group of Seven nations released a statement Friday saying it "convened a virtual meeting to address the deepening challenges to our energy security.

"Facing unprecedented volatility in oil markets - with surging prices threatening economic stability and the well-being of our citizens - we have agreed on decisive, coordinated measures to stabilize immediate energy supplies, shield households and businesses from price shocks, and strengthen the long-term resilience of global energy systems," the statement read.

It added that the nations will conduct "a coordinated release through the International Energy Agency of 100 million barrels to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners."