Diesel Prices Hit Records as Macron Pushes G7 for Oil Release

French President Emmanuel Macron is calling G7 nations back to the table to discuss another emergency release of oil stocks as Europe loses access to Saudi crude and diesel prices push deeper into record territory. Macron plans to convene the group in the coming weeks to coordinate reserve levels, exports, and production capacity.

The move follows Saudi Aramco's decision to cut all European term customers off from October crude allocations, redirecting flows to the Persian Gulf amid pipeline damage risk. France is separately working to secure diesel, jet fuel, and natural gas supplies to cushion the shortfall through the winter months.

The coordinated reserve discussion signals growing concern that Europe's energy supply chain remains structurally exposed to Middle East disruption, with diesel markets bearing the sharpest price impact so far.