US tells European allies to release strategic reserves 'immediately' to lower diesel prices

The United States has urged its European allies to release strategic reserves of diesel oil immediately in a bid to alleviate soaring global diesel prices, reports suggest. The Trump administration has targeted France and Germany in particular to tap their stockpiles of diesel, aiming to curb prices that have skyrocketed due to the US war on Iran.

US Treasury Secretary Scott Bessent emphasized the need for a rapid response in a social media post, urging European partners to accelerate the delivery of their existing commitments and make additional supplies available.

EU member states are scheduled to convene with the European Commission on Friday, October 2, 2026, to discuss a coordinated response to the crisis. US President Donald Trump has floated the possibility of banning diesel exports, a move that could potentially lead to higher gasoline prices. The administration's pressure on European allies to help alleviate fuel costs is rooted in the threat of high energy costs to Trump's Republican party in upcoming midterm elections.

EU Trade Commissioner Maros Sefcovic cautioned against any potential ban on diesel exports, stating that such a move would have dramatic consequences for economic performance. French Minister Delegate for International Trade Nicolas Forissier dismissed the idea of a ban, stressing the importance of diesel to both the US and European countries. The French government aims to find balanced solutions with all countries, and if not with the Americans, then with others.

Trump remains considering a possible ban on US diesel exports, though he acknowledged it could ultimately cause gasoline prices to rise. The French presidency confirmed no such demand had been made during Trump's meeting with French President Emmanuel Macron, who plans to convene a video meeting of G7 leaders to address the rising fuel prices.

Average US diesel prices have surged more than 70 percent to $6.39 a gallon since the start of the Iran war, causing living costs to soar and threatening Trump's party with potential congressional losses in November's midterm elections.