Trump Weighs Diesel Export Ban as US Urges Europe to Release Fuel Reserves

President Donald Trump has signalled that he may call on European nations to tap into their diesel stockpiles, as his administration considers halting American exports of the fuel to ease soaring prices at home. The threat of an export ban has rattled global energy markets and prompted urgent diplomacy on both sides of the Atlantic.

Speaking over the weekend, Trump confirmed that an export ban was under active consideration, saying the idea was being taken "very seriously." On Thursday he went further, indicating he might formally request that European countries release portions of their own reserves to help stabilise supply.

The remarks came shortly after US Treasury Secretary Scott Bessent publicly pressed European allies to act without delay. In a social media post, Bessent argued that European partners should speed up the delivery of existing commitments and make additional supplies available immediately to address ongoing market disruptions. He warned that American farmers, truckers and businesses should not be left to bear the burden as fuel costs climb.

The debate carries particular weight because the United States is one of the world's most important diesel suppliers. According to the source material, America exports somewhere between 1.2 and 1.5 million barrels of diesel per day. Energy analysts caution that cutting off those shipments could drive international prices sharply higher, even if it brings short-term relief to US consumers.

David Fyfe, chief economist at the commodities research firm Argus Media, said that restricting American supply would be likely to send global prices skyrocketing. His warning underscores the delicate balance facing policymakers, who must weigh domestic political pressure against the risk of destabilising allied economies.

That domestic pressure is intensifying as November's midterm elections approach. Control of both the House of Representatives and the Senate will be decided, and the president is expected to campaign across the country on behalf of Republican candidates. With fuel costs a top concern for voters, the White House has strong incentives to be seen taking decisive action.

The broader energy crisis stems from the war in Iran, which broke out in February. The conflict led to the closure of the Strait of Hormuz, a chokepoint that normally carries roughly a fifth of the world's oil and gas. The disruption has pushed up the cost of products refined from crude, including diesel.

An export ban imposed by Russia, another major diesel supplier, has compounded the strain on global markets. Together, these factors have created a shortage that is proving stubborn to resolve, in part because diesel is harder to refine than petrol and is difficult to substitute in key sectors such as haulage and agriculture.

In the UK, the impact has been dramatic. Diesel pump prices reached an all-time high this week, with figures from the motoring organisation the RAC showing an average of 199.79 pence per litre, up from 142.38 pence previously. Petrol prices have also risen sharply across the world since the conflict began.

Britain has responded by opening talks with European partners about the possibility of releasing diesel reserves if an American ban goes ahead. Energy Minister Martin McCluskey joined a call with counterparts on Thursday to discuss the situation. A source familiar with the discussions described a coordinated response involving EU countries as prudent, while noting that some European reserves remain from a joint release of strategic fuel stocks earlier in the year.

A government spokesperson sought to reassure the public, saying the UK has a diverse and resilient supply and that officials continue to engage with international partners and the domestic fuel industry. Ministers have stressed there is no cause for concern about potential shortages, though they acknowledge prices are likely to rise further.

The UK's vulnerability stems from its reliance on imports. Although the country's four refineries produce more than enough petrol to meet demand, they do not generate sufficient diesel for national needs. There were 15.1 million diesel vehicles on British roads at the end of June, according to the Department for Transport, a decline from 15.7 million a year earlier. The number of diesel cars fell to 9.8 million from 10.4 million.

The European Commission confirmed that extensive discussions were taking place, including high-level contacts with the US administration. A spokesperson described "lots of calls, lots of meetings" on the diesel situation, suggesting that diplomatic efforts to find a coordinated solution are continuing at pace.

For now, the question of whether Trump will proceed with an export ban remains unresolved. What is clear is that the decision carries significant consequences, not only for American drivers but also for European economies already grappling with record fuel costs.