US Pressures Europe to Release Diesel Reserves Amid Escalating Tensions

Oil prices declined on October 2 after the US pressured European countries to release diesel reserves. The request comes as the US deployed another aircraft carrier and more troops to the Middle East, amid escalating tensions with Iran.

Treasury Secretary Scott Bessent tweeted that American farmers, truckers, and businesses should not bear the burden of a global diesel shortage. He urged European allies to make deliveries faster and provide additional supplies immediately.

Brent crude dropped 2.4% to $99.88 per barrel, while benchmark US crude fell 3.7% to $89.47 per barrel. The decline is still above the level of approximately $72 per barrel in late February before the war.