Macron calls on G7 to coordinate response to surging diesel prices; oil prices plunge and European stocks rally.

According to CCTV News, the United States is urging Europe to further tap its fuel reserves—particularly pressing France and Germany to release emergency diesel reserves. U.S. officials stated that Washington hopes the EU will inject 120 million barrels of diesel into the market over the next six months, and is even considering restricting U.S. diesel exports to ease domestic price pressures. Russia’s petroleum product embargo and disrupted Middle Eastern supply have significantly increased Europe’s reliance on U.S. diesel. France consumes approximately 600,000 barrels of diesel daily, roughly half of which is imported. If the U.S. restricts exports, it could further drive up European fuel prices and intensify cost pressures on transport and agriculture sectors. According to Reuters, the Trump administration is particularly dissatisfied with France and Germany, with U.S. officials criticizing both countries for insufficient action—and failure to honor prior commitments—to release emergency oil and petroleum product reserves. U.S. Energy Secretary Chris Wright said in a Fox News interview on Thursday that he is 'highly optimistic' about Europe’s use of emergency diesel reserves to stabilize prices: 'It’s harvest season now, and we’re approaching the peak winter heating oil demand period—this is precisely the right time to boost diesel supply to the market,' Wright said. 'These diesel reserves are readily available, and I expect positive news soon.' U.S. Treasury Secretary Bessent posted on social media platform X stating that the U.S. has fulfilled its obligations under the International Energy Agency (IEA) agreement signed by member countries in March this year, having released 172 million barrels of crude oil. 'The United States has done its part,' Bessent wrote, 'and we expect our allies to turn their commitments into concrete action.' However, large-scale reserve releases pose challenges for the EU. As reported by Reuters, the EU must strike a balance between lowering domestic fuel prices and maintaining sufficient reserves to cope with potential deterioration of the crisis—especially given the uncertain outlook for Trump’s negotiations with Iran. A U.S. official reportedly remarked: 'Cooperating with the U.S. to jointly increase refined product supply and reduce consumer costs serves Europe’s own interests.' France is actively promoting coordinated action among major economies on energy supply issues. The Élysée Palace stated that French President Macron has separately spoken with Trump and Canadian Prime Minister Carney regarding energy and fuel pricing. Macron explicitly stated that the G7 must coordinate its response, avoid export restrictions, and convene a dedicated summit of G7 leaders to discuss petroleum supply and pricing.

## Latest Developments on the Iran Situation (Day 217)

- **17:30**: Lebanon strongly condemned the Houthi attack on the Medina power distribution center. - **17:45**: According to the Palestinian WAFA News Agency, Israeli forces and settlers attacked olive harvesters in the Salfit area of the West Bank. - **18:00**: According to WAFA, Israeli forces conducted large-scale arrests in towns near Jenin in the West Bank. - **18:15**: Macron and Trump discussed the energy crisis. - **18:25**: According to Israeli media reports, Israel’s Supreme Court overturned the ban on the Arab voter list. - **18:40**: Al Jazeera: A Palestinian was killed in an Israeli drone strike west of Gaza City. - **19:00**: According to WAFA, Israeli settlers attacked and injured several Palestinians harvesting olives in the Nablus Governorate. - **19:10**: The EU 'fully rejected' U.S. remarks threatening diesel export measures amid the Iran crisis. - **19:20**: The U.S. issued a warning on diesel exports—the White House demanded Germany and France release their inventories. - **19:30**: Why is there a diesel crisis? ・ The U.S. confrontation with Iran has tightened global diesel supply, disrupting diesel shipments from Gulf producers. ・ After Ukraine damaged many Russian refineries, Russia imposed export bans; additionally, Chinese refiners halted fuel exports in October, worsening the fuel shortage. ・ Europe, previously reliant on diesel from Russia and the Middle East, is now increasingly dependent on U.S. imports. ・ This dependence has exposed Europe to mounting pressure from President Trump, who is considering banning diesel exports to lower domestic fuel prices ahead of the November 3 midterm elections. ・ On Friday, EU members discussed France’s proposal to release 50 million barrels of diesel—about 17% of its emergency reserves—but the EU must weigh the trade-off between lowering costs and preserving reserves, given continued uncertainty over Gulf supply. ・ In March, the IEA agreed to release the largest-ever coordinated oil stockpile—400 million barrels—to respond to the war. IEA Executive Director Fatih Birol stated this week that member countries have so far released about two-thirds of that amount. - **19:45**: Al Jazeera: A British-Iranian man was detained in the UK on suspicion of plotting a Royal Air Force-related conspiracy. - **20:00**: Al Jazeera: The USS Theodore Roosevelt Carrier Strike Group departed its San Diego base on Sunday en route to the region; one day later, the Makin Island Marine Expeditionary Unit (MEU), carrying over 2,000 Marines, also arrived in the region. - **20:15**: A reporter’s dispatch from Taiz, Yemen: Intense fighting erupted along the northwestern front line in Yemen. - **20:30**: Macron will chair a video conference of G7 leaders on Friday to discuss the energy crisis. - **20:35**: Pakistan’s Foreign Minister: Saudi Arabia will host an emergency meeting of the Mecca Defense Treaty. - **20:45**: The EU Presidency will convene a meeting on Friday to discuss the global energy situation.

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Macron Plans G7 Leaders Meeting on Oil Prices as Soon as Possible

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