Bloomberg Mideast Energy Correspondent Anthony Di Paola said the G7's 100 million-barrel emergency release is already pushing fuel prices lower, but the relief is likely to be temporary because refinery constraints and Middle East disruptions are keeping diesel supplies tight, according to Bloomberg.

Speaking with hosts David Gura and Christina Ruffini on Bloomberg This Weekend, Di Paola said China’s oil demand and rising risks around the Strait of Hormuz and the Red Sea will help determine where global energy prices move next.