US Pressures Europe on Diesel Reserves as Oil Prices Decline

The global oil market has seen a decline in prices after US Treasury Secretary Scott Bessent called on Europe to release diesel reserves. The request comes as the US continues to exert pressure on its European allies, with Bessent stating that 'American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage.'

The push for Europe to release diesel reserves follows the deployment of additional troops to the Middle East, including another aircraft carrier. This move comes after President Donald Trump's comments on Iran, in which he threatened possible escalations.

Brent crude prices have lost 2.4% and are now below $100 a barrel at $99.88. Benchmark US crude has declined by 3.7% to $89.47 a barrel, still well above the level seen in late February before the war.