Investing.com -- G7 leaders agreed on Wednesday that the ongoing Middle East situation stemming from the U.S.-Israeli conflict with Iran does not warrant the removal of sanctions against Russia, according to French President Emmanuel Macron.

Macron, who hosted the call among G7 leaders, announced the decision following discussions about the crisis and its impact on global oil markets.

The International Energy Agency (IEA) decided to release 400 million barrels of oil, marking the largest such release in the agency's history. France will receive 14.5 million barrels from this release, Macron said.