European countries have agreed to release large amounts of diesel from their strategic reserves as fuel prices hover near record highs, US President Donald Trump has said.

Diesel prices have surged amid a global supply crunch driven by the US-Israeli war on Iran, which has severely disrupted shipping through the Strait of Hormuz. Russia, one of the world’s largest exporters of the fuel, has also restricted shipments to stabilize its domestic market following Ukrainian drone attacks on its refineries. 

US diesel production is now barely keeping pace with domestic demand, raising concerns that growing exports could further squeeze supplies at home.

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

The release will form part of a broader G7 effort to boost global fuel supplies. French President Emmanuel Macron said the group would make available up to 100 million barrels of diesel and crude oil over the next four months, with the move coordinated through the International Energy Agency. The release will be overseen by the International Energy Agency, with a significant amount of diesel expected to enter the market during the first 20 days.

The agreement follows pressure from Washington on European governments to tap their emergency fuel stocks. The Trump administration had urged Germany and France to release reserves to help ease global prices, while reportedly raising the prospect of restricting US diesel exports if they refused.

Supplies have been squeezed by the US-Israeli war on Iran, which has severely disrupted shipping through the Strait of Hormuz, a route that normally carries around a fifth of global oil and liquefied natural gas shipments. Gulf diesel and gasoline exports fell to just over a quarter of pre-war levels in August, according to the International Energy Agency.

The pressure has been compounded by intensified Ukrainian drone strikes on Russian refineries. Trump has repeatedly urged Ukraine’s Vladimir Zelensky to halt the attacks, saying they are contributing to the shortage.