Amid a global diesel shortage, US President Donald Trump is considering banning exports of the fuel from the United States.

He also indicated that he might ask European nations to release some of their diesel reserves into the market.

Earlier, US Treasury Secretary Scott Bessent urged Europe to quickly release such reserves.

He stated that the full impact of rising diesel prices should not fall solely on US “farmers, truck drivers, and businesses.”

The BBC reported that diesel prices are surging due to the conflict involving Iran. Against this backdrop, the US has threatened to impose restrictions on diesel exports—an issue that has become significant for American voters ahead of the midterm elections in November.

The UK held discussions with European partners on Thursday regarding how to release fuel reserves into the market should the US halt diesel exports.

The US is a major global supplier of diesel, exporting between 1.2 million and 1.5 million barrels daily.

Experts have warned that if the US stops supplying diesel abroad, prices could rise further in other countries.

Addressing the potential export ban over the weekend, Trump said, “We are considering the matter very seriously.”

Trump also mentioned on Thursday that he might request European countries to release some of their diesel reserves, while Bessent remarked that European nations should do so “immediately.”

In a post on X, Bessent stated, “Our European partners should accelerate the implementation of their previous commitments and immediately supply additional fuel to the market to address ongoing supply disruptions.”

The BBC noted that this move to restrict diesel exports comes just weeks before the November elections in the US, which will determine control of Congress. Trump will tour various parts of the US to campaign for Republicans, aiming to retain control of both the House of Representatives and the Senate.

The British motoring organization RAC reported that diesel prices in the UK have hit record highs this week, with the cost per liter hovering just below 200 pence. UK Energy Minister Martin Mccluskie held discussions on Thursday with representatives from various European nations regarding potential US export restrictions.

A person familiar with the discussions told the BBC that it would be prudent to prepare for coordinated action with the European Union and other nations. However, the source noted that Europe still holds some reserves, even after the coordinated release of strategic fuel stocks earlier in the year.

A British government spokesperson stated, “Our fuel supply sources are diverse and stable. We remain in contact with international partners and the UK energy industry.”

The government has emphasized that there is no cause for alarm regarding a potential diesel shortage, though prices are expected to rise further.

A European Commission spokesperson said on Thursday that there have been “many calls and meetings” regarding the diesel situation, including communications with “high-level officials” in the US administration.

The BBC reported that China could also exert pressure on the global diesel market. Reports indicate that Chinese refineries halted exports of certain fuel products in October to prioritize domestic demand.

The BBC is seeking comment on this matter from the Chinese embassy in Washington.

Global petrol and diesel prices have surged since the outbreak of war between Iran and the US-Israel alliance in February. The situation was exacerbated by the closure of the vital Strait of Hormuz.

Typically, about one-fifth of the world’s oil and gas is transported through this strait, leading to price hikes for various oil-derived fuel products.

Market price pressures have intensified further as Russia—another major diesel supplier—has halted exports. Trump argues that if the US maintains excess diesel reserves, retail prices in the domestic market will drop, providing immediate relief to drivers, truckers, and businesses ahead of the midterm elections. However, David Fyfe, Chief Economist at Argus Media, warns that a halt in US supplies could trigger a rapid surge in diesel prices on the international market.

Diesel prices in the UK have reached an all-time high. According to the latest data from the RAC, the average price of diesel at filling stations stands at 199.79 pence per litre, up from the previous 142.38 pence.

Refining diesel is more complex than refining petrol. Furthermore, curbing demand is difficult due to its extensive use in the transport and agricultural sectors.

The UK relies heavily on diesel imports. While the country’s four refineries produce a surplus of petrol relative to domestic needs, they do not generate enough diesel to meet local demand.

Data from the UK Department for Transport shows that there were 15.1 million diesel-powered vehicles on the country’s roads at the end of June, down from 15.7 million a year earlier.

Of these, 9.8 million were diesel cars, compared to 10.4 million the previous year.