🇪🇺🇺🇸 Europe faces a diesel price shock as Washington weighs an export ban

Trump says the White House is still considering banning diesel exports as US fuel prices hit record highs ahead of the November midterms. Market experts cited by CNBC warn a ban could send European prices to unprecedented levels.

The US has supplied roughly half of Europe's diesel imports in recent months. Having cut itself off from Russian fuel in 2022, Europe swapped one dependency for another, and now finds its supply at the mercy of American domestic politics.

Most European traders still doubt a ban will happen, given the damage it would do to US refiners. Energy Secretary Chris Wright has also pushed back, arguing restrictions wouldn't fix the shortage and could drive up prices for other fuels.

Goldman Sachs estimates a ban would cut US diesel prices by about 4% while raising European wholesale costs, with American drivers eventually paying more at the pump for gasoline anyway.

🔴 @DDGeopolitics