Trump Weighs Diesel Export Ban as US Urges Europe to Tap Reserves Amid Global Shortage

The Trump administration has signalled that it may call on European nations to draw down their diesel stockpiles, as Washington considers restricting American exports of the fuel to ease soaring prices at home. The move comes against the backdrop of a worldwide supply crunch that has pushed pump costs to record levels in several countries, including the UK.

President Donald Trump confirmed at the weekend that his administration was giving serious thought to halting diesel shipments abroad. On Thursday he went further, indicating he might ask European countries to release some of their own reserves to help stabilise the market.

The suggestion was reinforced by Treasury Secretary Scott Bessent, who pressed Europe to act without delay. In a social media post, Bessent argued that American farmers, truckers and businesses should not be left to shoulder the burden of rising fuel costs, and urged European partners to accelerate existing commitments and make additional supplies available immediately to address ongoing disruptions.

The United States occupies a pivotal position in the global diesel market, exporting between 1.2 million and 1.5 million barrels every day. Analysts have warned that cutting off those flows could intensify price pressures in importing nations, many of which rely heavily on American supply to meet their transport and agricultural needs.

The deliberations in Washington are unfolding just weeks before November's midterm elections, in which control of both chambers of Congress will be decided. With fuel prices a top concern for voters, the president is expected to campaign across the country for Republican candidates as the party seeks to retain its majority in the House and Senate.

On Thursday, Britain held discussions with European partners about the possibility of releasing diesel reserves in response to any US export ban. Energy Minister Martin McCluskey joined a call with counterparts from across the continent to coordinate a potential response.

A source familiar with the talks told the BBC that preparing a joint approach with other countries, including EU member states, was the prudent course of action. The source noted, however, that European reserves remain from a coordinated release of strategic fuel stocks that took place earlier in the year.

A UK government spokesperson said the country had a diverse and resilient supply and that ministers would continue to engage with international partners and the domestic fuel industry. The government has stressed there is no cause for alarm about possible shortages, though it acknowledges prices are likely to climb further.

A European Commission spokesperson said on Thursday that there had been numerous calls and meetings on the diesel situation, including high-level contacts with figures in the US administration, suggesting diplomatic activity is intensifying on both sides of the Atlantic.

The spike in petrol and diesel costs globally can be traced to the outbreak of the US-Israel war in Iran in February. The conflict led to the closure of the Strait of Hormuz, a chokepoint that normally carries about one-fifth of the world's oil and gas, driving up the price of refined products. An export ban imposed by Russia, another major diesel supplier, has compounded the strain on global markets.

Trump has contended that retaining surplus diesel barrels within the United States would bring down domestic pump prices, offering swift relief to drivers, hauliers and businesses in the run-up to the midterms. However, David Fyfe, chief economist at Argus Media, cautioned that blocking American supply would probably send international prices soaring rather than solving the underlying problem.

In the UK, diesel has reached an unprecedented average of 199.79p per litre, according to figures from motoring organisation the RAC, a sharp increase from 142.38p previously and a record high. The milestone underscores how quickly costs have escalated for British motorists and industry.

Diesel is more difficult to refine than petrol and is essential to the haulage and agriculture sectors, making demand very hard to reduce in the short term. The UK is particularly exposed because, while its four refineries produce more than enough petrol to satisfy domestic demand, they do not generate sufficient diesel to cover the country's needs. As a result, Britain depends heavily on imports to fill the gap.

According to the Department for Transport, there were 15.1 million diesel vehicles on UK roads at the end of June, a decline from 15.7 million a year earlier. The number of diesel cars fell to 9.8 million from 10.4 million over the same period, reflecting a gradual shift in the vehicle fleet, though the overall reliance on diesel for freight and farming remains substantial.

The coming weeks are likely to see continued diplomatic coordination between Washington, London and Brussels as officials weigh how to manage a fuel market under severe strain. Any decision by the US to restrict exports would have far-reaching consequences for international supply chains, making the talks over reserve releases a critical test of transatlantic cooperation.