European leaders consider releasing fuel reserves as oil prices fall

Global oil prices dropped on Friday as European leaders debated releasing massive fuel reserves to counter rising costs and supply fears. Brent crude futures fell 2.6% to $99.65 a barrel, while U.S. West Texas Intermediate contracts slipped 4% to $89.11.

The price decline followed reports that France suggested the European Union release 50 million barrels of diesel. The plan also called for International Energy Agency members to release 50 million barrels of crude oil. U.S. Treasury Secretary Scott Bessent pushed for the move, stating that European partners "should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions."

Bessent emphasized that American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage. The EU held crisis talks on Friday to coordinate a response to soaring fuel costs. News networks could not immediately verify the reserve release plan, and officials from France and the IEA did not return requests for comment.

The push for more fuel comes as the U.S. supplied around half of the EU's diesel imports in August. President Donald Trump had previously discussed banning diesel exports but stepped back from the idea earlier this week. His shift followed increased crude shipments through the Strait of Hormuz, which eased some market fears about restricted supply routes.

Oil prices had actually risen on Thursday after reports emerged of increased U.S. military deployment to the Middle East. The United States is sending an amphibious force carrying 2,000 Marines to the region, raising tensions in a conflict that continues to affect global energy markets.