Treasury Secretary Bessent is examining whether a ban on U.S. diesel exports is feasible following a surge in retail prices to a record $6.53 per gallon. President Donald Trump stated he has discussed the restriction with his team to prevent fuel from leaving the country, with a decision on a full or partial ban arriving quickly. Trump linked the price spike, which is 77% higher than one year ago, to refinery strikes in Russia and global conflicts that have disrupted supplies from the Persian Gulf.

The possible export ban triggered a downgrade of Valero and Marathon from buy to hold by Jefferies on Tuesday, sending both stocks down about 2%. These refiners, along with Phillips 66, previously saw quarterly earnings per share almost quadruple year-over-year as retail prices climbed above $6.50 per gallon. The S&P Composite 1500 Oil & Gas Refining & Marketing Index lost 1% over two days, though the gauge has more than doubled this year.