The US urged Europe to immediately release diesel reserves as the Iran war pushed oil prices to record levels. US Treasury Secretary Scott Bessent said on Thursday that European partners should accelerate existing commitments and immediately provide additional supplies to address ongoing market disruptions. This comes as US President Donald Trump is considering whether to implement a diesel export ban to control high energy prices. EU countries are scheduled to hold crisis talks on Friday to coordinate their response to soaring diesel prices. Data from the International Energy Agency shows that the US supplies about half of the EU's diesel imports, highlighting Europe's vulnerability to a potential US export ban. The average US diesel price surged to a record high of $6.50 per gallon late last month, mainly due to supply disruptions caused by the Iran war and Russia's invasion of Ukraine. Oil exports through the Strait of Hormuz have returned to pre-war levels this week.