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

President Donald Trump has signalled he may call on European nations to tap into their diesel stockpiles, as his administration considers halting US exports of the fuel in response to a worldwide supply crunch. Speaking over the weekend, Trump confirmed that an export ban was under active consideration, describing the idea as something being examined "very seriously."

The prospect of restricting American diesel shipments abroad has already prompted urgent diplomacy on both sides of the Atlantic. Treasury Secretary Scott Bessent publicly pressed European partners to move quickly, arguing that they should accelerate existing commitments and make additional supplies available without delay. Writing on social media, Bessent warned that American farmers, truckers and businesses should not be forced to bear the cost of soaring prices.

The issue carries significant political weight in the United States, where voters will head to the polls in November for midterm elections that will determine control of Congress. Trump is expected to campaign across the country on behalf of Republican candidates as the party fights to retain its majorities in both the House of Representatives and the Senate.

The White House has argued that retaining surplus diesel at home would bring down pump prices for American drivers, offering swift relief to hauliers and companies grappling with elevated fuel costs. However, the plan has raised alarm among energy analysts, who caution that cutting off US supply could send international prices sharply higher.

David Fyfe, chief economist at Argus Media, said that blocking American exports would be likely to cause prices in global markets to surge. The warning reflects the central role the United States plays in worldwide diesel trade, shipping between 1.2 million and 1.5 million barrels every day.

The global market has been under severe strain since the outbreak of the US-Israel war in Iran in February. The conflict has led to the closure of the Strait of Hormuz, a critical maritime passage that normally carries roughly a fifth of the world's oil and gas. That disruption has driven up the cost of products refined from crude, including diesel.

An export ban imposed by Russia, another leading diesel supplier, has compounded the pressure on prices. Together, these factors have created a shortage that has rippled through economies far beyond the Middle East, affecting transport, agriculture and industry.

In the UK, diesel prices reached an all-time high this week. Figures from the motoring organisation the RAC show average pump prices at 199.79 pence per litre, a steep climb from 142.38 pence previously. Petrol costs have also risen sharply across the globe.

On Thursday, UK Energy Minister Martin McCluskey joined a call with European counterparts to discuss how to respond should Washington proceed with an export ban. A source familiar with the discussions told the BBC that preparing a coordinated response alongside other nations, including EU members, was the prudent course of action. The same source noted that European reserves remained from a joint release of strategic fuel stocks earlier in the year.

A UK government spokesperson said the country has a diverse and resilient supply chain, adding that ministers continue to engage with international partners and the domestic fuel industry. The government has stressed there is no cause for concern about potential shortages, although it acknowledges prices are likely to rise further.

The European Commission confirmed that extensive diplomatic activity was under way. A spokesperson said there had been "lots of calls, lots of meetings" on the diesel situation, including high-level contacts with the US administration.

Diesel poses a particular challenge because it is harder to refine than petrol and is essential to the haulage and agricultural sectors, making demand difficult to reduce. The UK is heavily dependent on imports, as its four refineries produce more than enough petrol to meet domestic needs but fall short on diesel.

According to the Department for Transport, there were 15.1 million diesel vehicles on UK roads at the end of June, down from 15.7 million a year earlier. The number of diesel cars stood at 9.8 million, a decline from 10.4 million the previous year.

The standoff comes at a delicate moment for transatlantic relations, with European capitals wary of being drawn into a US domestic political fight while simultaneously facing their own fuel cost pressures. Any coordinated release of reserves would require careful negotiation, as European governments balance their own supply security against the desire to stabilise international markets.

For the Trump administration, the calculus is dominated by the approaching midterms. Rising pump prices are a highly visible concern for American voters, and the president's allies believe that keeping diesel at home could deliver a tangible economic benefit. Yet economists caution that such a move could backfire by disrupting global trade flows and damaging relationships with allies.

Should the ban go ahead, the effects would likely be felt most acutely in import-dependent economies such as the UK, where diesel underpins the movement of goods and the operation of farms. With prices already at record levels and no immediate end in sight to the disruptions caused by the Iran conflict, governments across Europe are preparing for a period of sustained volatility in fuel markets.