The German government is releasing part of its national oil reserves in response to the turbulence on the oil markets, according to media reports.

Germany's Minister of Economy Robert Habeck told the dpa news agency that Germany was "making a contribution" to the international response, adding that the step aimed to stabilize prices, which have risen sharply since the Russian invasion of Ukraine.

"In times like these, it is important to act in unison," he was quoted as saying.

According to Germany's Economy Ministry, the country's oil reserves were released on only three occasions in history: during the Gulf War of 1990-1991, the hurricanes "Katrina" and "Rita" in 2005, and the loss of Libyan oil exports in 2011.

Wednesday's reports came as oil prices surged to above $110 (€99) a barrel this week, their highest in almost eight years.

German defense minister visits Romania

German Minister of Defense Christine Lambrecht landed in Romania on Wednesday. According to the Defense Ministry, Lambrecht "discussed the current situation on NATO's southeastern flank" with her Romanian counterpart Vasile Dincu.

German football team cuts ties with ex-Chancellor Gerhard Schröder

Borussia Dortmund, one of the top teams in the German Bundesliga, has ended former Chancellor Gerhard Schröder's honorary membership due to his connections with Russia.

The 77-year-old, who ran the government between 1998 and 2005, has close ties with Russian President Vladimir Putin and is a chairman Russia's largest oil company Rosneft.

He is also set to join the state-run gas giant Gazprom.

Borussia Dortmund's club president Reinhard Rauball said that he had informed Schröder in person over the cancellation of his membership.

Schröder is still a member of the Social Democrats (SPD), along with current chancellor, Olaf Scholz, but the party has come under increasing pressure to distance itself from him.

Deutsche Welle