In response to a question from a Fox News reporter on Sunday about a diesel ban, Trump said, “Well, we're thinking about it very seriously.”

  • Gas prices across the U.S. have surged amid the ongoing energy supply disruptions in the Strait of Hormuz due to the war with Iran, which is now nearing its eighth month. 
  • Trump said the increase in prices was due to the ongoing conflict between Russia and Ukraine, not because of the Iran war. 
  • According to a report from Politico last week, industry experts are trying to convince Trump not to make the move.

Shares of Valero Energy Corp. (VLO), Marathon Petroleum Corp. (MPC), and Phillips 66 (PSX) edged higher in the overnight session late Sunday, alongside a rise in diesel futures ULSD NY Harbor (HO_F) after U.S. President Donald Trump said that he was considering an export ban on diesel amid rising prices. 

In response to a question from a Fox News reporter on Sunday about a diesel ban, Trump said, “Well, we're thinking about it very seriously.”

Why Is Trump Considering An Export Ban On Diesel 

Gas prices across the U.S. have surged amid the ongoing energy supply disruptions in the Strait of Hormuz due to the war with Iran, which is now nearing its eighth month. 

The National Average price of gas as of Sept. 27 is $4.4798 per gallon, as per data from AAA Fuel, up from an average price of between $2.81 and $2.87 per gallon in January this year. 

Meanwhile, in his interaction with reporters, Trump said the increase in prices was due to the ongoing conflict between Russia and Ukraine, instead of the Iran war. 

“The big problem is the refineries in Russia are being blown up. This isn't really a Middle Eastern problem. This is more of a Russia problem that Ukraine and Russia are going at it and Ukraine is blowing up diesel refineries in Russia because they do a lot of the refining.”

He said that was an “interesting” problem to solve, and that he had told Ukraine’s President Volodymyr Zelenskyy “to take it easy on the refineries as much." 

On the war with Iran, Trump said, “I think what's going to happen is we're going to win this war very soon. And as soon as we win it, the oil will go down way down to what it was before the war. And the key is, Iran will not have a nuclear weapon.”

Experts Warn A Diesel Ban Could Push Prices Higher In The Future

According to a report from Politico last week, which reported on the potential diesel export ban, industry experts are trying to convince Trump against the move. 

The report said that some GOP lawmakers, refining industry executives and certain administration officials working on stopping a ban as they believe it could eventually raise prices for gasoline, jet fuel and other fuels. 

U.S. Energy Secretary Chris Wright, Treasury Secretary Scott Bessent and Interior Secretary Doug Burgum are against the idea of a total ban, as per people familiar with the matter, as per Politico. 

“A ban on diesel exports by the US would exacerbate the existing severe strains in the global diesel market and drive prices outside of the US even higher in the short term,” David Oxley, chief climate and commodities economist at Capital Economics, said in an analyst note, as per the report. 

“Nonetheless, given that a surplus of diesel in the US could paradoxically force American refiners to cut supplies of oil products – potentially within a few weeks – a ban would ultimately be self-defeating,” Oxley reportedly said. 

VLO, MPC, PSX Stocks: Retail Stance

On Stocktwits, retail sentiment around VLO and MPC stock was ‘bearish’ at the time of writing, while it was ‘extremely bearish’ for PSX stock. 

Meanwhile, retail sentiment around HO_F was ‘neutral’ at the time of writing. 

VLO stock has gained more than 134% in 2026, while MPC stock and PSX stock have surged more than 138% and 95% respectively in the same time. 

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