Digest · Gulf Today
Live Reporting Edited by Dan Coles and Craig Hoyle Situation could get 'much worse' if US enacts export ban - energy expert published at 09:54 BST Javier Blas, an energy columnist at Bloomberg, tells Radio 4's Today programme that American pressure has been "very intense". "The US needed a quid pro quo and they created it," he says, in reference to President Donald Trump's suggestion that he is considering banning US diesel exports. The president may also ask European countries to release some of their reserves.
"Certainly there is scarcity" at the moment and it could get "much worse" if the US does enact an export ban, Blas says. Asked how much of their reserves it would be "sensible" for European countries to release, Blas says he doesn't think Europe should release more than "one third". Scarcity is not just due to the conflict in the Middle East, he says, adding that it has been "exacerbated" by the export ban on Russia and Ukrainian attacks on Russian refineries.
Releasing more than half of their reserves would leave European countries "very vulnerable" if global conflicts get worse over the coming months, Blas says. UK diesel prices hit an all-time high earlier this week published at 09:44 BST Diesel prices hit an all-time high of 199.33p per litre earlier this week, the RAC motoring organisation announced, as the war in the Middle East continues to push up the cost of fuel. The RAC said on Monday that diesel prices had entered "uncharted territory" and served as a reminder of "just how exposed the UK is to events occurring far away".
The cost of diesel rose by 59p a litre, or just under 40%, since the US-Israel conflict with Iran erupted at the end of February. The previous record was 199.09p in June 2022 following Russia's full-scale invasion of Ukraine. The RAC will release updated figures later this morning, we'll bring you those as soon as we have them.
UK faces pressure to release diesel reserves as Trump threatens export ban published at 09:37 BST The UK is among European countries facing American pressure to release some of their diesel reserves, as the Iran war puts pressure on supply. US President Donald Trump has threatened to restrict diesel exports , and US Treasury Secretary Scott Bessent argues that US farmers, truckers, and businesses "should not be left carrying the burden" as prices soar. Over half of the UK's diesel is imported, with 31% of the imports coming from the US.
Diesel prices in the UK hit record highs this week and are hovering just under 200p per litre, according to motoring organisation the RAC - which will release updated figures later this morning. European ministers have been meeting in Brussels to discuss the potential ban, with France proposing that European countries release 50 million barrels of diesel. Stay with us as we bring you the latest developments.
Source: BBC
