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Thu, 01 Oct 2026

Thu, 01 Oct 2026 US pressures Europe over diesel reserves as Trump threatens export ban

President Donald Trump has threatened to ban diesel exports in a bid to ease prices in the US ahead of the November elections.
US President Donald Trump has suggested that European countries may need to release some of their diesel reserves if the US imposes an export ban on the fuel due to rising global prices. The comments come as the US Treasury Secretary, Scott Bessent, urged Europe to prepare and release their supplies immediately, arguing that American farmers, truckers, and businesses should not bear the burden of soaring costs. The US has threatened to restrict diesel exports amid surging costs caused by the war in Iran. European partners have been holding talks about the potential release of diesel reserves, with the UK holding discussions with EU countries. Trump said the US is "thinking about" an export ban and may ask Europe to release some of their supplies. The move comes ahead of November's midterm elections in the US, where control of Congress will be up for grabs. Diesel prices have hit record highs in the UK, with prices hovering just under 200p per litre. A government spokesperson said there was no cause for concern about potential diesel shortages, but prices are expected to rise further. The European Commission has confirmed that talks on the diesel situation are taking place, including with high-level contacts in the US administration.