Trump Backs Off Diesel Export Ban as G7 Releases Reserves

President Trump announced the U.S. will not impose a diesel export ban after G7 nations agreed to coordinate the release of 100 million barrels of oil and fuel products from emergency reserves over four months. The announcement follows warnings from the administration that it could restrict diesel exports unless European allies drew down their stockpiles. The article notes prices surged due to the war with Iran, Russian export restrictions, and reduced Chinese fuel exports, and U.S. and European diesel futures fell on the news.