A sharp warning from President Donald Trump has sparked pan‑Europe calls for the release of diesel reserves as he mulls a ban on U.S. diesel exports amid soaring prices prompted by the war in Iran.
Treasury Secretary Scott Bessent urged European allies to “immediately ready” and unlock strategic diesel stocks, citing farmer, trucker and business concerns as fuel costs climb.
The United States ships roughly 1.2‑1.5 million barrels of diesel daily to the world – a share that, if cut, could push global prices higher and strain supply chains.
In Britain diesel prices have spiked to a new all‑time high of just under 200 pence per litre, with the RAC reporting averages near 199.8 p.
The debate comes as Trump campaigns across the country to defend congressional control ahead of the November midterm elections, placing fuel policy squarely in voters’ favour.
European officials say they are coordinating a response with high‑level contacts in Washington, while the European Commission reports that meetings on the issue are in full swing.
The situation illustrates a wider fuel crisis driven by the Strait of Hormuz’s closure, a Russian export ban and a steep rise in crude and diesel prices.
One of the risks highlighted by economists, such as David Fyfe at Argus Media, is that a U.S. ban would likely trigger a sharp jump in prices worldwide.
Despite efforts to restock, the United Kingdom still relies heavily on imports; its four refineries produce enough petrol to meet demand but fall short on diesel needs.
