The European Union on Friday dismissed calls by the United States to impose restrictions on diesel exports, cautioning that such measures could further destabilize global fuel markets amid rising prices linked to the conflict in Iran. European Commission spokeswoman Anna-Kaisa Itkonen emphasized that a diesel export ban would harm all parties involved and could damage trust in the United States as a dependable partner.
The 27-nation bloc expressed readiness to cooperate with the International Energy Agency (IEA) to release strategic reserves in an effort to alleviate the current pressure on diesel prices. This stance contrasts with growing pressure on the US administration to address soaring fuel costs ahead of the country’s congressional midterm elections scheduled for next month.
In a related development, French President Emmanuel Macron spoke on Friday with US President Donald Trump, urging the Group of Seven (G7) nations to coordinate their approach to managing the surge in oil and refined product prices. Macron’s office stated that G7 members shared a common interest in collective action that avoids export restrictions. Macron was also expected to lead a virtual G7 meeting focused on potential measures affecting crude oil and refined product markets in the near future.
US Treasury Secretary Scott Bessent stressed the importance of European countries accelerating their commitments to release fuel reserves and increase supply availability. In a social media message, Bessent highlighted the burden placed on American farmers, truckers, and businesses due to the global diesel shortage, arguing that the issue requires a coordinated international response.
IEA Executive Director Fatih Birol noted that some oil and fuel stocks from a previous emergency release have yet to enter the market, suggesting that additional efforts may be necessary to address supply constraints and stabilize prices.
As the conflict involving Iran continues to weigh on energy markets, tensions between the United States and its European allies over the best strategy for ensuring fuel supply stability remain prominent, underscoring the complexities of maintaining global energy security amid geopolitical disruptions.