Donald Trump has said he backs banning exports of diesel as soaring fuel prices squeeze American farmers and truckers and threaten to fuel further inflation ahead of November's midterm elections. "I've said let's not send out the diesel," the US president told reporters following a bilateral meeting with Ukrainian President Volodymyr Zelenskyy in New York on Tuesday.

Trump's support for the measure comes as Republican legislators representing rural regions, led by Iowa senator Chuck Grassley, are calling for action to curb a sharp rise in prices. Treasury secretary Scott Bessent confirmed on Tuesday that the administration was "examining . . . whether it's feasible in terms of the overall refining capacity and whether a full or partial ban would work".

The comments mark an abrupt U-turn from Washington, which had as recently as Monday insisted no such ban was on the table. US diesel prices hit a fresh record of $6.53 a gallon on Tuesday, according to the AAA motoring group. They were below $3.70 a year ago. In a phone call with Zelenskyy on Sunday, Trump pressed Kyiv to halt drone attacks on Russian oil refineries.

An export ban would send shockwaves across Europe, which is heavily reliant on imports of American petroleum products. The US has not imposed controls on the export of refined oil products since the 1970s oil crises. The oil industry has vehemently opposed any limits on exports. Mike Sommers, chief executive of the American Petroleum Institute, warned on Monday that restricting US diesel exports would make the problem worse.