The White House is evaluating a possible 90-day restriction on diesel shipments to combat high costs at the pump before the Nov 3 midterm elections. Treasury Secretary Bessent is examining whether a full or partial ban on exports is feasible to increase domestic supply, a move that has already caused the October HOGO swap to turn negative as traders anticipate a fuel glut onshore.

A White House official has since dismissed reports of the ban as "fake news," and Energy Secretary Chris Wright argues that a blanket ban would not work and could increase gasoline prices. Despite the denial, the EU is in high-level contact with Washington to manage the risk to its supply, having relied on the US for nearly 30% of its diesel imports in 2026, and will formally review the situation on Sept 29. Oil executives have also launched a coordinated campaign to persuade the administration to abandon the plan.