US pressures Europe to release diesel reserves as Trump threatens export ban

Potentially adding to the pressure on the global diesel market, Chinese refiners have reportedly halted October exports of some fuel products as Beijing prioritises domestic supplies.Prices of petrol and diesel globally have skyrocketed since the outbreak of the US-Israel war in Iran in February. The closure of the vital Strait of Hormuz, which typically transports around a fifth of the world’s oil and gas, has pushed up the price of products made from oil.