UK negotiates with US over potential diesel export ban

The United Kingdom has entered negotiations with the United States regarding a potential ban on US diesel exports. UK Chancellor John Healey stated that the government is working closely with American officials to address rising fuel costs, which have reached record highs in the UK. The UK relies on the US for approximately one-third of its diesel imports.

US President Donald Trump has indicated that a diesel export ban is being seriously considered as a means to lower domestic fuel prices ahead of the November midterm elections. Meanwhile, global oil prices have risen due to geopolitical uncertainty involving US-Iran negotiations and tensions in the Middle East. Brent crude has reached approximately $98 per barrel, while WTI crude is at $90 per barrel.

In diplomatic developments, Iran has reportedly received a US proposal concerning the reopening of the Strait of Hormuz. Despite these tensions, Middle Eastern crude oil supply has largely stabilized, with Saudi Arabia resuming deliveries via the East-West pipeline to bypass the Strait of Hormuz.