European Diesel Release Plans Send Oil Prices Plummeting

Oil prices plummeted on Friday morning as reports emerged of a potential European move to release diesel and crude stocks. The International benchmark Brent crude futures fell by 3.1% to $99.13 per barrel, while U.S. West Texas Intermediate futures dropped by 4% to $89.18.

The development follows a Reuters report that European Union member states were discussing a French proposal to release additional diesel reserves in response to pressure from the Trump administration. The proposal involves releasing 50 million barrels of diesel and International Energy Agency members releasing 50 million barrels of crude oil.

U.S. Treasury Secretary Scott Bessent called on European countries to urgently release some of their reserves, stating that American farmers, truckers, and businesses should not bear the burden of a global diesel shortage.