Diesel prices have hit records due to the war in Iran, but the oil industry says banning U.S. exports would not make fuel cheaper. President Trump told reporters on Tuesday that his administration is reviewing a possible ban on U.S. diesel exports to help lower fuel costs for farmers, truckers and businesses. Some Republicans in Congress have called for a ban as diesel costs hit records from global supply shortages caused by the U.S.-Israeli war against Iran and the Russia-Ukraine conflict.

The Iran war has driven much of the recent increase by reducing refining capacity. According to AAA, the nationwide average diesel price was $6.53 a gallon on Tuesday, up from $3.69 a year ago. "I've called for it," Mr. Trump said. Rising energy costs have become a political headache for the president ahead of the November elections.

Global demand led to record-high U.S. exports, topping 1.6 million barrels a day, according to the Energy Information Administration. The American Petroleum Institute contends a ban would not bring relief and would add to shortages by prompting refineries to reduce production. "Restricting U.S. energy exports would only compound the problem," said Mike Sommers, president of the petroleum institute. Jim Mitchell of Wood Mackenzie said Trump could use emergency powers but "there is no switch that can make diesel prices go down in a week.".