President Trump has signalled that the United States may impose a diesel export ban amid a global shortage spurred by the Iran conflict and Russia’s own export restrictions. Treasury Secretary Scott Bessent urged European partners to release strategic reserves “immediately”, arguing that domestic farmers, truckers and businesses should not bear the cost of soaring fuel prices.
Britain’s Energy Minister Martin McCluskey called senior European officials to discuss a coordinated release of reserves, as diesel prices in the UK have climbed to record highs—just under 200p per litre according to the RAC. European leaders are assessing how much of their reserve stock can be made available, noting that previous releases earlier this year have already drawn on significant supplies.
The United States is the world’s leading diesel exporter, shipping between 1.2 and 1.5 million barrels per day. An export ban would likely tighten global supply and lift prices elsewhere, a concern echoed by economists like David Fyfe, chief economist at Argus Media, who warns that curtailed exports could “skyrocket” international prices.
With the U.S. mid‑term elections looming, the export question has risen to the political forefront. President Trump’s potential ban could be framed as a domestic relief measure aimed at keeping domestic fuel prices lower for voters, but it risks drawing international criticism and destabilising the global energy market.
Learn more about the U.S. threat to restrict diesel exports.
Read about Britain’s talks with European partners on diesel reserve releases.
Find out why UK diesel prices have spiked to all‑time highs.
