As the US readies for its November midterm elections, the president is under mounting pressure to bring down prices.
Mr Trump told reporters while on the campaign trail in Texas that he “may” ask European countries to draw down their reserves.
Treasury secretary Scott Bessent added that US “farmers, truckers, and businesses should not be left carrying the burden” of soaring prices.
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Mr Trump has already threatened a ban on exports of US diesel – which would leave Britain competing with other countries to find an alternative supply, which would cost more.
The UK imports nearly 55% of the diesel it uses, with the US accounting for around 31% of that.
As the threat of a US ban on diesel exports loomed – European leaders, including UK energy minister Martin McCluskey met on Thursday to discuss releasing supplies.
While some countries like Spain and Germany have nearly 400 days’ worth of supplies, the UK only has about 42.
A UK Government spokesperson said: “We have a diverse and resilient supply (of fuels).
“We continue to engage with our international partners and the UK fuel industry.”
Prices have been pushed up with filling a diesel car costing £2 per litre on average, according to Sky News figures, which use a rolling five-day weighted average price from the government’s fuel finder platform.
Not helping the situation is China’s suspension of some refined oil exports, according to the Reuters news agency.
Supplies have been disrupted and costs had gone up since the start of the US-Israeli war against Iran.
Such high prices spells trouble for inflation as diesel is used in transporting goods and can cause costs to rise across the board.
