The warning, first reported by Reuters, marks an escalation of pressure on Europe as Trump considers a potential wider ban<\/a> to help lower domestic fuel prices before the US midterm elections in November.<\/p>\n A US official told the news agency: \u201cIt is in Europe\u2019s best interest to \u2060work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers.\u201d<\/p>\n Martin McCluskey, the UK minister for local energy, was reportedly on the call with EU countries on Thursday.<\/p>\n The Trump administration has been frustrated with France and Germany for what it considers their not following through on commitments to release oil and petrol stocks.<\/p>\n Fuel stations across Europe are unlikely to run dry, because Europe produces about 70% of the diesel it consumes from domestic refineries. It also stores fuels in reserve. But experts fear that competing for cargoes on the global market would lead to higher market prices.<\/p>\n It was unclear whether the UK would be included in such a ban, but the loss of US supply would drive prices up sharply at the pumps because the UK does not refine enough diesel to meet domestic demand. About a third of UK diesel imports last year came from the US.<\/p>\n The average price of a litre of diesel<\/a> in the UK hit a new all-time high on Wednesday of 199.72p, according to the motoring body the RAC.<\/p>\n John Healey, the chancellor, admitted earlier this week that UK diesel prices were \u201cextreme\u201d and said the government was in discussion with the US over trying to stop a ban.<\/p>\n The US war in Iran has disrupted energy supplies via the strait of Hormuz and sent the price of oil soaring. Before the war, in February, Brent crude \u2013 the international benchmark for oil prices \u2013 traded at about $72 a barrel. It was above $101 on Thursday.<\/p>\n Releasing more stocks would represent a problem for European countries,<\/a> which need to balance the need to bring down domestic fuel prices with keeping high stocks for a potential worsening energy crisis over the winter if the Iran war continues.<\/p>\n
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