EU contemplates oil release: EU Energy Commissioner Dan Jørgensen has told Europe Today that releasing strategic oil reserves to cushion soaring prices “is a possibility”, as the US mounts pressure on EU allies to release diesel reserves or face a US export ban.
The war in Iran and reduced refining capacity have squeezed supply, driving a sharp rise in prices for companies and consumers. US Treasury Secretary Scott Bessent has urged Europe to make new stocks available “immediately” to ease costs, saying US "farmers, truckers, and businesses should not be left carrying the burden".
