Europe Set to Release 'Massive Amount' of Diesel Amid US-Iran War

US President Donald Trump announced on Truth Social that Europe had agreed to release a 'massive amount' of diesel from emergency reserves, potentially easing some of the supply shortage caused by disruptions from the US-Iran war.

The move came after European governments reportedly discussed a French proposal to release 50 million barrels of diesel and an additional 50 million barrels of crude from International Energy Agency (IEA) members.

Brent crude for December deliveries fell nearly 3% to $99.2 a barrel, while U.S. West Texas Intermediate (WTI) contracts expiring in November dropped more than 3% to $90 per barrel.