G7 leaders held an emergency video conference as pressure on global fuel supplies drove diesel prices sharply higher. In the United Kingdom, the average price of diesel reached £2 per litre for the first time, amid concerns over oil exports and supply disruptions.
US President Donald Trump has warned that he could halt oil exports and plans to ban diesel exports in an effort to bring down fuel prices in the United States. He has also argued that European countries should release their reserves into the market.
Supply disruptions add to market pressure
The war in West Asia and disruptions to oil supplies through the Strait of Hormuz have added to pressure on global markets. The G7 leaders convened as concerns over fuel availability and prices intensified.
