President Donald Trump announced Friday that European nations have agreed to release diesel reserves to stabilize global fuel supplies, as the United States considers an export ban and prices reach record highs.

"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil," Trump wrote on Truth Social. "The process will begin immediately."

The claim follows data from AAA showing average U.S. diesel prices hit a record $6.50 per gallon late last month. The spike reflects supply disruptions from Russia's war in Ukraine and the conflict in Iran, driving up costs and intensifying pressure on U.S. officials ahead of the midterm elections in November.

Treasury Secretary Scott Bessent called on allies on Thursday to accelerate deliveries of existing commitments and make extra supplies available. Bessent stated the U.S. is doing its share and expects allies to follow through with action.

The prospect of an American diesel export ban has triggered alarm in Europe and opposition from the U.S. energy sector. The International Energy Agency noted the U.S. provided roughly half of the European Union's diesel imports in August, underscoring the region's dependence.

European markets reacted on Friday morning when oil prices dropped following reports of a French proposal to release reserves. Citing an unnamed source, Reuters said France suggested EU countries release 50 million barrels of diesel and IEA members release 50 million barrels of crude oil. The proposal was unverified, and French officials did not immediately comment.

EU member states will hold crisis talks on Friday to coordinate a response. EU trade chief Maros Sefcovic discussed supply concerns with U.S. Trade Representative Jamieson Greer in Milwaukee during the G20 trade ministers meeting. Sefcovic emphasized a shared goal of reducing prices for oil and gas products but warned that a U.S. export restriction would be unexpected and harm Europe's economic outlook.

Analysts at Macquarie Group suggested the crisis extends beyond refined products. Strategist Walt Chancellor wrote Thursday that the U.S. is confronting a global energy issue rather than a specific diesel shortage. Chancellor argued the solution requires increased flow through the Strait of Hormuz and dismissed other measures as insufficient.

Ship traffic through the Strait of Hormuz was restricted after the U.S. and Israel attacked Iran in late February. Daily exports have returned to prewar levels this week, potentially easing some supply constraints.