The EU will hold an emergency meeting Friday with the European Commission to coordinate a response to surging diesel prices after the US urged allies to release strategic reserves immediately. Washington has pressed European partners—particularly France and Germany—to tap stockpiles, while President Trump has floated a potential ban on US diesel exports. EU officials warned an export ban could have serious economic consequences, and transatlantic discussions are continuing at G20 and planned G7 talks. Average US diesel prices have jumped about 70% to $6.39/gal, heightening political and economic concerns.
EU Holds Emergency Talks as Diesel Prices Soar Under US Pressure
EU trade chief Maros Sefcovic (L) told reporters Thursday that any move by the US to ban diesel exports would be 'unexpected for Europeans' (KAMIL KRZACZYNSKI)
EU member states will convene an emergency meeting on Friday with the European Commission to coordinate a joint response to a sharp rise in diesel prices, a Commission spokesperson said late Thursday. The talks follow calls from the United States for allies to release strategic fuel reserves "immediately" to help calm markets.
Washington has increased pressure on Europe amid soaring fuel costs. On Wednesday, US President Donald Trump said he was considering a ban on US diesel exports and indicated he might ask European countries to release diesel reserves to ease price spikes.
Transatlantic Reactions
EU trade chief Maros Sefcovic told reporters on the sidelines of G20 trade talks in Milwaukee that a US ban on diesel exports would be "unexpected for Europeans" and could have "very dramatic consequences for our economic performance." He said he and US Trade Representative Jamieson Greer agreed to "stay in close touch to avoid any surprises here."
Reports say the Trump administration has urged France and Germany, in particular, to draw on national diesel stockpiles to help curb prices pushed higher amid tensions with Iran. US Treasury Secretary Scott Bessent urged partners on social media to speed delivery on commitments and make additional supplies available "to address ongoing disruptions."
European Responses And Coordination
France’s minister delegate for international trade, Nicolas Forissier, told AFP he could not imagine an outright export ban and stressed that both sides would seek practical, balanced solutions. The French presidency said no formal request to release strategic reserves was made during Emmanuel Macron’s recent meeting with President Trump at the UN General Assembly.
Macron has called for a video meeting of G7 leaders to "make progress on the various levers" for addressing rising fuel prices, including possible coordinated releases from reserves. EU and US officials have signaled ongoing talks at both G20 and G7 levels to manage the disruption.
Market Impact
According to AAA motor club data cited in reports, average US diesel prices have climbed more than 70% to about $6.39 a gallon since the start of the Iran war. That spike has fed broader living-cost pressures and raised political concerns for the US administration ahead of upcoming midterm elections.
Key Quote: "It would have very dramatic consequences for our economic performance," — Maros Sefcovic on a potential US diesel export ban.
The emergency meeting will focus on assessing supply disruptions, coordinating possible releases from national reserves, and mapping short- and medium-term measures to stabilize markets while minimizing harmful economic side effects.
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