Trump weighs diesel export ban as Iran war drives record fuel prices

US President Donald Trump said Monday he is "very seriously" considering banning US diesel exports, a move that could raise fuel prices, as his support wavers amid record-high costs and the ongoing war in Iran. Trump acknowledged the ban might increase gasoline prices for cars, while Treasury Secretary Scott Bessent and Energy Secretary Chris Wright confirmed the administration is examining the proposal. Diesel prices have hit record highs in the US and Europe due to reduced exports from Russia and Saudi Arabia. The US is the world's largest diesel exporter, shipping about 1.2 million barrels daily, primarily to Latin America and Europe. Australia, which relies on Asia-Pacific refineries, faces potential vulnerability to global shortages, though Deputy Prime Minister Richard Marles ruled out reintroducing a fuel excise cut.