Trump backs diesel export ban as fuel prices hit record highs — SkimNews
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- Trump said he backs banning diesel exports from U.S. refiners — 'let's not send out the diesel' — ahead of a meeting with Ukrainian President Volodymyr Zelensky, and separately called on Ukraine to stop attacks on Russian diesel, citing the fuel shortage.
- U.S. retail diesel hit $6.50 per gallon this week, the highest level in 2026 according to Rystad Energy.
- Brent crude fell to $99.25 a barrel on Tuesday from above $108, but remains more than 35% higher than before the war in Iran began in late February.
- Gulf countries' net diesel and gasoil exports averaged just 390,000 barrels a day in August — roughly a quarter of pre-war levels — per the IEA's September oil market report.
- Combined Middle East and Russian diesel/gasoil net exports in August were 1.6 million barrels a day lower than February, when they accounted for almost 45% of global seaborne trade.
- Ukrainian drones hit a Russian refinery every three days on average in the first eight months of 2026, pushing Russian refinery output in June to its lowest level in more than 20 years and prompting Moscow to restrict diesel exports.
- A Houthi strike damaged a third pump station on Saudi Arabia's East-West pipeline near Riyadh airport, prompting Aramco to warn European refiners not to expect crude deliveries next month.
Why it matters: Diesel powers about 30% of global oil consumption; with combined Middle East and Russian diesel exports down 1.6 million barrels a day since February, Trump's export ban is aimed at easing U.S. prices while the Fed — which raised rates last week for the first time since 2023 — joins the ECB and Bank of Japan in tightening against the energy shock.
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