The G7 also pledged not to restrict energy exports between member countries after Washington pressed France and Germany to release diesel reserves or face a possible US export ban. President Donald Trump subsequently ruled out the ban, saying, “We were never going to do it,” despite previously saying he was considering it “very seriously.” Washington had sought an EU release of 120 million barrels of diesel over six months.
European gasoil futures fell after the announcement. By Monday, Brent settled 1.89% lower at $100.32 a barrel and WTI fell 1.84% to $89.43 as emergency releases and recovering Middle East crude exports pressured prices. Fuel shipments remain constrained, with Persian Gulf gasoline, diesel and jet fuel exports around half their prewar levels. Saudi Aramco CEO Amin Nasser warned that reserve releases offer only temporary help and rebuilding stocks could take up to two years even after the Strait of Hormuz fully reopens.