EU Energy Commissioner Dan Jørgensen says bloc may release strategic oil reserves to ease diesel price surge

The European Union is considering a fresh release of emergency oil reserves to counter soaring diesel prices, driven by the war in Iran and reduced refining capacity. Energy Commissioner Dan Jørgensen told Euronews that the bloc is discussing a coordinated release through the International Energy Agency, with the decision resting with member states. The move could add 120 million barrels to the market. US diesel has reached $7 a gallon, and Brent crude trades between $97 and $102 a barrel. IEA chief Fatih Birol urged EU countries to use remaining March allocations at a meeting in Dublin.