Europe Releases Diesel Reserves Amid US-Europe Trade Tensions

Brent crude futures climbed while US West Texas Intermediate (WTI) held on to some of its earlier losses on Friday after European leaders agreed to release diesel reserves in response to US President Donald Trump's request.

The move aims to lower prices and reduce fuel imports from the United States. Brent was up 46 cents, or 0.45 per cent, at $102.77 a barrel by 1:20 p.m. CDT (1820 GMT), while WTI was down 97 cents, or 1.04 per cent, to $91.90 a barrel.

The release of diesel reserves is part of a larger plan proposed by France to release 50 million barrels of diesel and for International Energy Agency members to release 50 million barrels of crude oil over the next 20 days.

'Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,' Trump wrote in a post on Truth Social. The move is seen as an attempt by Europe to reduce its reliance on US diesel exports and mitigate potential losses if the US imposes an export ban.