The Trump administration is urging European nations to release portions of their diesel reserves, arguing that American farmers, truck drivers and businesses should not bear the full cost of disruptions to global fuel supplies.

The appeal comes as President Donald Trump weighs a possible U.S. ban on diesel exports in an effort to contain soaring energy prices at home.

The average price of diesel in the United States climbed to a record $6.50 per gallon late last month, according to AAA. Prices have risen sharply from a year earlier as the war involving Iran and Russia’s full-scale invasion of Ukraine continue to disrupt fuel markets.

Treasury Secretary Scott Bessent said in a social media post Thursday that European allies “should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions.”

“America is doing its part,” Bessent wrote. “We look to our allies to match their commitments with action.”

The administration is under increasing political pressure to respond to surging fuel costs before the midterm elections in November.

Trump told reporters in Texas on Thursday that he “may” call on European countries to tap their diesel reserves. The president had previously said he was “very seriously” considering an export ban, but appeared to soften that position this week after crude shipments through the strategically important Strait of Hormuz rebounded.

Trump said Wednesday that he was still “thinking about” restricting diesel exports, while acknowledging that such a move could have a “negative impact” on gasoline supplies.

The possibility of an outright ban by the world’s largest diesel exporter has drawn strong opposition from the U.S. energy sector and sparked concern in Europe. The United States accounted for roughly half of the European Union’s diesel imports in August, according to the International Energy Agency, highlighting the 27-member bloc’s vulnerability to any disruption in American exports.

EU member states are due to hold emergency discussions Friday as they seek a coordinated response to rapidly rising diesel prices.

Oil prices dropped sharply Friday morning after Reuters reported that EU governments were considering a French proposal to release more diesel reserves in response to pressure from the Trump administration.

The Reuters report, citing one unnamed source familiar with the talks, said France had suggested that EU countries release 50 million barrels of diesel, while members of the International Energy Agency would make 50 million barrels of crude available.

CNBC was unable to independently confirm the report. Representatives for the French government and the IEA were not immediately available for comment.

Speaking with reporters in Milwaukee during a G20 trade ministers meeting, EU Trade Commissioner Maros Sefcovic said he had discussed diesel availability and escalating prices with U.S. Trade Representative Jamieson Greer.

“We have every interest in working together on lowering the prices, be it on diesel or also other products from oil and gas supplies,” Sefcovic said, according to Reuters.

He said any U.S. decision to limit diesel exports would be unexpected and could damage Europe’s economic outlook.

Energy strategists at Macquarie Group said Thursday it is understandable that the U.S. position on the global diesel crisis has taken on an apparent global dimension.

“The core issue the US faces is not a diesel problem. Nor is it a refined product problem. It may not even be a petroleum problem. It is a global energy problem,” Macquarie Group’s Walt Chancellor said in a research note.

“So what is the solution then? In short, more oil through the Strait of Hormuz and out of the Middle East. Anything short of that is really just shuffling deck chairs,” he added.

The Strait of Hormuz is a major throughway for the global oil trade that saw ship traffic stifled after the U.S. and Israel attacked Iran in late February. But this week it saw daily exports return to prewar levels.

— CNBC’s Kevin Breuninger contributed to this report.

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