Europe's diesel prices surged relative to US rates as the Trump Administration's potential export ban rattled markets. On Wednesday, Nymex heating oil closed at its smallest premium since April to its European equivalent, with the daily swing being the biggest since 2022.

Energy Secretary Chris Wright told oil industry leaders to brace for possible curbs as retail prices surge domestically. President Donald Trump said he encouraged officials to consider restrictions. The European Union expressed concern about a potential ban.

Any curbs would pressure a global market already disrupted by the Iran war, Houthi militant attacks on Saudi refineries, and Ukrainian drone strikes on Russian plants. David Bird, CEO of Dangote Petroleum Refinery and Petrochemicals, said in London that the largest free economy talking about banning exports is "unprecedented."

The European Commission said it doesn't currently see a diesel shortage despite high prices. French President Emmanuel Macron called for the EU to relax fuel quality rules to boost supply. The International Energy Agency said Europe has significant emergency fuel reserves it could release. Serbia's government said it would release about 37,000 barrels of diesel from emergency reserves. A group of 30 US industry bodies warned in a letter to the White House that restricting exports would be "a gift to our competitors."