Trump Rules Out Diesel Export Ban After Europe's Large Purchase from Reserves: 'Iran Issue to Be Resolved Soon'

US President Donald Trump affirmed that “the Iran issue will be resolved soon,” predicting that oil prices would fall to pre-war levels, and possibly below them, once the conflict ends. He noted that Iran is “in a very difficult position” and not in good shape, expressing his belief that current developments would positively impact oil markets in the near future, and pointing to Europe’s announcement of releasing large quantities from its oil reserves. Trump stressed that the United States would not impose an export ban on diesel, praising the decision by European countries.

In response to a question from Agence France-Presse (AFP) regarding whether the US ban on diesel exports had been lifted, Trump told reporters at the White House, “In fact, it was not really on the table. But what Europe did was great.” He added, “I asked for it. Europe has large quantities of diesel and is making a significant global contribution (...) and so are we.” He continued, “We will not impose an export ban; rather, we will do what we need to do.”

This came after the Group of Seven (G7) countries announced their agreement to release 100 million barrels of diesel and crude oil from their reserves over four months, aiming to ease concerns about global energy supplies exacerbated by the war with Iran. French President Emmanuel Macron, in a statement following talks he chaired to coordinate the move on fuel prices, said the group agreed on a “coordinated release, through the International Energy Agency (IEA), of a total of 100 million barrels, to begin immediately and be implemented over four months.”

According to a G7 statement, “large” quantities of diesel will be released into markets within the next 20 days, without ruling out “discussions on the possibility” of releasing additional reserves. Macron noted that an agreement had been reached not to impose any restrictions or bans on exports among G7 countries, adding that his US counterpart had also been “very clear on this point.”

For its part, the International Energy Agency announced yesterday that member countries had so far released 325 million barrels of oil and its products from strategic reserves, out of the 400 million barrels pledged in March following the outbreak of war in the Middle East. The G7 did not clarify whether the 100 million barrels included the remaining 75 million from the previous pledge or would be in addition to it.

For his part, US Treasury Secretary Scott Bessent told Axios, “We facilitated the passage of 1.1 billion barrels of oil through the Strait of Hormuz, and Iran has not been able to pass a single barrel.” He added, “For the first time since Iran began exporting oil, it will have no oil via the sea this week.” He emphasized, “We are isolating Iran in an unprecedented manner. We have moved our war against Iran to the iron wall and blockade, a measure Washington has not previously implemented.”