Donald Trump is reportedly considering a 90-day ban on US diesel exports to provide relief from record-high fuel prices for American households before the midterm elections, with diesel reaching $6.52 (£4.93) per gallon domestically. The European Commission has warned that such a ban would negatively impact both the US and Europe, with experts describing the potential consequences for the continent as "devastating."

The US currently supplies roughly one-third to one-half of Europe's diesel imports, with this share having increased as refineries in the Middle East and Russia have been damaged by war. European diesel prices have already reached record highs—the UK saw costs of 197.75p per litre on Thursday, up from 142.38p before the Iran war—and a US export ban would force European buyers to compete with Asian markets for scarce supplies. Although Europe produces approximately 70 per cent of the diesel it consumes domestically, experts warn that losing US cargoes would lead to sharp price increases across the continent, whilst fuel stations are unlikely to run completely dry due to existing reserves.