US diesel futures tumble as export ban rumors spark market reaction, Trump backs ban

US diesel futures slid sharply on Tuesday after media reports suggested the government might impose a 90‑day export ban on the fuel. The dip came as President Donald Trump said he backed the ban, saying it could help curb the recent jump in fuel prices. Energy Secretary Chris Wright cautioned that such a ban may not solve the price problem, noting that market dynamics are more complicated. Diesel prices have risen sharply in recent weeks, a trend analysts link to supply cuts announced by major exporters Russia and Saudi Arabia. The combination of export‑restriction rumors and higher global prices pushed futures lower, despite the President’s endorsement. Traders said the ban, if implemented, could tighten domestic supply further, but Wright warned that restricting exports might only shift the burden without lowering costs at the pump. The market remains volatile as the United States monitors the situation and weighs the economic impact of any export controls.