US pressures Europe over diesel reserves as Trump threatens export ban

Donald Trump has said he may ask European countries to release some of their diesel reserves as he mulls a ban on US exports of the fuel amid a global shortage.

The comments followed his Treasury Secretary Scott Bessent urging Europe to immediately ready and release such supplies, arguing that US "farmers, truckers, and businesses should not be left carrying the burden" as prices soar.

The US has threatened to restrict diesel exports amid surging costs due to the war in Iran. The issue is top of mind for US voters ahead of the crucial midterm elections.

On Thursday, the UK held talks with European partners about the potential release of diesel reserves in response to any ban.

The US is a vital supplier of diesel to the world, exporting between 1.2 and 1.5 million barrels per day, with experts warning a ban on shipments abroad could put further pressure on prices in other countries.

"We're thinking about it very seriously," Trump said of an export ban at the weekend.

On Thursday Trump added that he may ask European countries to release some of their diesel reserves, while Bessent said they should do so "immediately".

"Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions," Bessent said in a post on social media.

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