Trump Considers US Diesel Export Ban As Fuel Prices Hit Record Highs Amid Iran And Ukraine Conflicts

US President Donald Trump has said he has asked his advisers to consider supporting restrictions on diesel exports as fuel prices rise amid disruptions caused by conflicts in Iran and Ukraine, Bloomberg reported.

Trump’s comments come ahead of the November midterm elections, with rising living costs becoming a concern for American voters.

However, energy industry representatives have opposed export restrictions, arguing that such measures may offer limited short-term relief while creating supply challenges and higher prices later.

“I’ve said ‘let’s not send out the diesel,’” Trump said when asked about proposals from Republican lawmakers to suspend exports. “I’ve called for it within my people. I’ve been talking about it.”

Treasury Secretary Scott Bessent said officials were assessing whether a full or partial export ban could be implemented based on refining capacity and its impact on markets.

Trump discussed the issue during a meeting with Ukrainian President Volodymyr Zelenskyy on the sidelines of the UN General Assembly. He said he would raise concerns over Ukrainian attacks on Russian energy infrastructure, which have contributed to disruptions in fuel supplies.

Global fuel markets are facing pressure due to reduced flows through the Strait of Hormuz and continued attacks on Russian refineries. The US has become a major supplier of diesel globally, with exports reaching record levels of nearly 2 million barrels a day last month.

Domestic price concerns drive political pressure

A suspension of exports could force buyers in regions such as Latin America and Europe to seek alternative supplies, potentially adding to inflationary pressures.

Within the US, Trump has faced calls from lawmakers to address high diesel prices, which affect agriculture, transport and rural energy needs. US retail diesel prices recently crossed $6.50 per gallon on average, while gasoline prices also remained elevated.