A US diesel export ban moved a step closer on Thursday as Donald Trump demanded Europe release its emergency diesel reserves - or face Washington cutting off supplies. "We may do that. They have some diesel," Trump told reporters, after Treasury Secretary Scott Bessent said Europe should "make additional supplies immediately available" and that US farmers, truckers and businesses "should not be left carrying the burden" of soaring prices, BBC reported. The pressure campaign lands days after three tankers were struck in Hormuz, with Trump openly aiming to cut pump prices before November's midterms.
Britain held urgent calls on Thursday with the European Commission, Germany, France, Italy and Ireland on a coordinated drawdown, after Washington told Berlin and Paris to release stockpiles or face the ban, The Guardian reported. EU states hold emergency talks with the Commission on Friday alongside the International Energy Agency. The stakes for Britain are stark: over half its diesel is imported, 31% of it from the US, and pump prices just hit an all-time high of 199.79p a litre, BBC reported.
Why a US diesel export ban would shake the world
America exports 1.2 to 1.5 million barrels of diesel a day, and a ban would flood the US market - cutting domestic prices while sending international prices skyrocketing, Argus Media's David Fyfe warned. Europe refines about 70% of the diesel it burns and holds reserve stocks, but governments must weigh cheaper fuel now against a far worse winter crunch if the Iran war drags on, The Guardian reported. Brent has already climbed from about $72 in February to above $102, OilPrice reported - still below the $107 panic top on the Hormuz standoff.
The vise keeps tightening: Chinese refiners have reportedly halted October fuel exports to protect domestic supply, Russia extended its diesel export ban to end-October after Ukrainian strikes on its refineries, and Trump has urged Zelensky to pause those strikes over fears they push prices even higher, BBC reported. Diesel is the hardest fuel to substitute - haulage and agriculture run on it, demand barely bends, and every cargo diverted reprices food and freight everywhere.
UK pays the price: 199.8p diesel and no easy fix
Chancellor John Healey has called UK diesel prices "extreme" and says London is lobbying Washington to drop the ban threat, while energy officials insist there is no shortage risk - only higher prices ahead. With the EU's coordinated response due after Friday's talks and US Energy Secretary Chris Wright declaring "now's the time to bring more diesel to the market," the next 48 hours decide whether this ends as a managed release or a full transatlantic fuel standoff.