Oil prices fell sharply in early Friday trading, continuing the decline from earlier in the day. Earlier, there was news that Europe plans to release reserves of diesel and crude oil to ease global supply shortages. The international benchmark December delivery Brent crude oil futures fell 2.5% to $99.51 per barrel; US November West Texas Intermediate crude futures fell 3.6% to $89.47 per barrel. Earlier, it was reported that EU member states are discussing France's proposal to release more diesel reserves after pressure from the Trump administration. The report quoted an anonymous source with details of the negotiations as saying that France proposed that EU countries release 50 million barrels of diesel and that members of the International Energy Agency release 50 million barrels of crude oil. Spokesmen from the French government and the International Energy Agency have yet to comment immediately. After US Treasury Secretary Scott Bessent called on European countries to urgently release some of their domestic reserves, the EU held a crisis consultation meeting on Friday to discuss a coordinated response to the sharp rise in diesel prices. Bessent said in a social media post on Thursday that America's European allies “should expedite the implementation of existing promises and immediately launch additional supplies to resolve the current supply disruptions.” He added, “American farmers, truckers, and businesses should not be left alone to bear the pressure of the global diesel shortage.”

Oil prices fell sharply in early Friday trading, continuing the decline from earlier in the day. Earlier, there was news that Europe plans to release reserves of diesel and crude oil to ease global supply shortages. The international benchmark December delivery Brent crude oil futures fell 2.5% to $99.51 per barrel; US November West Texas Intermediate crude futures fell 3.6% to $89.47 per barrel. Earlier, it was reported that EU member states are discussing France's proposal to release more diesel reserves after pressure from the Trump administration. The report quoted an anonymous source with details of the negotiations as saying that France proposed that EU countries release 50 million barrels of diesel and that members of the International Energy Agency release 50 million barrels of crude oil. Spokesmen from the French government and the International Energy Agency have yet to comment immediately. After US Treasury Secretary Scott Bessent called on European countries to urgently release some of their domestic reserves, the EU held a crisis consultation meeting on Friday to discuss a coordinated response to the sharp rise in diesel prices. Bessent said in a social media post on Thursday that America's European allies “should expedite the implementation of existing promises and immediately launch additional supplies to resolve the current supply disruptions.” He added, “American farmers, truckers, and businesses should not be left alone to bear the pressure of the global diesel shortage.”