UK ministers held urgent calls with the European Commission and counterparts in Germany, France, Italy and Ireland this week, weighing whether to release emergency diesel stockpiles. The talks follow a threat from Donald Trump to cut off US diesel exports to Europe unless countries release their own reserves to ease global fuel prices ahead of November's US midterm elections.
Treasury secretary Scott Bessent pushed European partners to "immediately" release reserves, and Trump told reporters in Texas the US "may" ask allies to draw down their diesel stocks. Energy secretary Chris Wright said he was "highly confident" Europe could help, calling for a "coordinated release" before winter heating season. UK minister Martin McCluskey reportedly joined Thursday's call, and the European Commission said member states would hold further talks on Friday.
The stakes are high for British drivers and businesses. The UK doesn't refine enough diesel to meet its own demand, and roughly a third of its diesel imports last year came from the US. A litre of diesel hit a record 199.72p this week, according to the RAC. Chancellor John Healey called current prices "extreme" and confirmed the government is in talks with Washington to avert a ban.
For small and medium-sized businesses, this is a direct cost shock. Diesel underpins transport, delivery, agriculture and construction fleets, and any further price spike feeds straight into haulage rates, food distribution costs and farm input prices. Firms running delivery vans, tractors or site vehicles have little room to absorb another jump, especially after a year of already elevated fuel costs.
Elizabeth de Jong of the trade group Fuels Industry UK said the episode shows the UK "cannot solely rely on overseas production for domestic energy security," a warning with real weight for businesses that plan budgets around stable fuel costs. The backdrop is the war disrupting oil flows through the Strait of Hormuz, which pushed Brent crude from about $72 a barrel in February to above $101 this week.
A government spokesperson said the UK has "a diverse and resilient supply" and is continuing talks with international partners and the fuel industry. For now, businesses dependent on diesel face a stretch of genuine uncertainty, with prices already at record highs and the threat of a US export squeeze still unresolved.