Oil prices fell more than 3% on Friday after a report said France had proposed releasing 50 million barrels of diesel from European Union reserves, alongside a proposed 50 million-barrel release of crude by International Energy Agency members. Brent futures for December delivery dropped 2.6% to $99.65 a barrel, below the $100 threshold, while U.S. West Texas Intermediate for November fell 4% to $89.11.
A reported proposal, not a confirmed release
The proposed volumes were reported by Reuters, citing one unnamed source familiar with the discussions. France’s reported plan called for EU countries to release 50 million barrels of diesel, while IEA members would release 50 million barrels of crude oil. The report described discussions and a proposal; it did not establish that either release had been approved or begun.
CNBC said it could not independently verify the report. A spokesperson for the French government and the IEA were not immediately available to comment. That uncertainty matters to the market response: the reported plan raised the prospect of additional supply, but traders still had no confirmation of when reserves might be released or how much would reach buyers.
EU crisis talks focus on diesel
EU member states were holding crisis talks on Friday about a coordinated response to soaring diesel prices. The discussions followed pressure from the Trump administration for European countries to make more of their reserves available, putting diesel supply at the centre of the bloc’s immediate policy debate.
U.S. Treasury Secretary Scott Bessent called on European partners to speed up existing commitments and provide additional supplies. In a social-media post on Thursday, he argued that American farmers, truckers and businesses should not bear the costs of a global diesel shortage. His comments underline how fuel availability has become an issue for both European policymakers and U.S. industries that depend on diesel.
Europe’s exposure to U.S. fuel exports
The International Energy Agency said the U.S. supplied around half of the EU’s diesel imports in August. That share highlights the 27-nation bloc’s reliance on transatlantic shipments and the potential consequences if U.S. exports were restricted while European diesel prices were already under pressure.
President Donald Trump has repeatedly raised the possibility of a diesel export ban, although he appeared to soften that position earlier in the week. The source material links the change in tone to renewed crude exports through the Strait of Hormuz, a strategically vital shipping route. The proposed reserve releases would therefore be unfolding against concerns about both available supply and trade policy.
Prices reverse after a tense previous session
Oil had settled higher in the previous session after a report that the U.S. was sending a third aircraft carrier strike group to the Middle East, accompanied by an amphibious force carrying 2,000 Marines. The reported military deployment raised the stakes around a months-long conflict and added a geopolitical risk to oil-market calculations.
Friday’s decline came as the possible stock release offered a counterweight to those supply concerns. Brent’s fall to $99.65 and WTI’s drop to $89.11 show the scale of the day’s move, but the reported proposals remain unconfirmed. Whether reserve barrels can ease pressure will depend on decisions by EU states and IEA members, as well as the course of supply disruptions.
Takeaway: The reported prospect of 50 million barrels each of diesel and crude entering the market coincided with oil’s sharp Friday decline, but no release was confirmed.
Sources
- wsj.com — “Stock Market News, March 13, 2026: Oil Prices Turn Above $100; Dow Slips”
- Reuters — “Oil futures surge 3% a barrel as winter storm slams US output”
- everycrsreport.com — “Oil Spills: Background and Governance – EveryCRSReport.com”
- US EPA — “Document Display | NEPIS”
- PBS News — “Oil rises past $100 a barrel after the latest wave of Middle East attacks”
