Diesel prices hit record high in Europe; US pressures allies to use emergency reserves

Average diesel prices in Europe have hit their highest-ever level.

According to European Commission data, the average price of a litre of diesel has now reached about 2.24 euros.

Fuel prices have risen sharply after supply fell and refining was disrupted following the start of the US and Israeli war against Iran.

European airlines have also been hit by the price rise and the supply shortage.

Meanwhile, news agency Reuters, citing three people close to the discussions, reported that US President Donald Trump's administration has pressured Germany and France to release emergency diesel reserves into the market.

There are indications that the United States could impose a ban on diesel exports if this is not done.

President Trump is considering such a ban to make fuel cheaper at home ahead of the midterm elections in November.

US officials believe France and Germany have not fulfilled their earlier commitments to release emergency oil reserves into the market.

A European Union official said a telephone conversation was underway on Thursday between the European Commission, Germany, France, Italy, Ireland and Britain on the possibility of opening diesel reserves.