Trump announces Europe's agreement to release quantities of diesel stocks to curb prices

US President Donald Trump announced on Friday that Europe had agreed to release huge quantities of its large stock of diesel fuel, following pressure exerted by his administration on European Union countries to rein in high fuel prices due to the Iran war.

Trump wrote in a post on his official account on his “Truth Social” platform: “Europe has just agreed to release massive amounts of its abundant stock of diesel fuel, and this process will begin immediately. Thank you for your attention to this matter! President Donald J. Trump.”

Kevin Hassett, director of the US National Economic Council, told Fox Business on Friday that the European allies showed “very leniency” during the ongoing talks regarding the possibility of releasing quantities of diesel from their emergency reserves.

Hassett said that putting European oil barrels on the market could lead to lower diesel prices, and he expressed optimism that Europe would provide assistance in this regard. The national average price of a gallon of diesel is $6.37, which is about $2 more than the average price of a gallon of regular gasoline.

Later, speaking with reporters at the White House, Hassett said: “There is a lot of room for positive news.”

“They have an absolutely enormous amount of refined products, especially diesel, and we think they probably have the potential to help support the global economy right now,” Hassett added, referring to Europe.

European officials held crisis talks in light of increasing US pressure on countries in the region to use their emergency diesel stocks to curb rising prices, or face a possible ban on US fuel exports.

The European Commission said in a statement that European officials discussed, on Friday, measures to confront the rise in diesel prices, while France announced that it would chair a meeting of G7 leaders on the “global energy situation” later, Friday.

US Treasury Secretary Scott Besent urged European countries on Thursday to release diesel stocks “immediately,” and wrote in a post on the “X” platform that “American farmers, truck drivers, and companies should not bear the burden of the global diesel shortage.”

US Energy Secretary Chris Wright, who had previously expressed reservations about banning US diesel exports, told Fox News on Thursday that the United States would “certainly ask” Europe to release diesel from its strategic stockpiles.

The US administration's threat represents an escalation of pressure on Europe, while President Trump seeks to reduce fuel prices in the United States ahead of the midterm congressional elections scheduled for November.