U.S. Scrambles Over Fuel Prices, Pressures Europe and Releases Reserves; Iran Warns, "If We Can't Sell, No One Can"

[Financial News] The United States, alarmed by soaring fuel prices ahead of the November midterm elections, has pressured Europe to release stockpiled diesel while deciding to release 40 million barrels from its Strategic Petroleum Reserve (SPR). Iran, meanwhile, issued a stern warning, saying, "If we cannot sell oil, no country in the region will be able to sell it."
On the 29th, local time, a British media outlet reported that "the White House is pressuring the European Union (EU) to release stockpiled diesel." The outlet added that "the White House believes some European countries have failed to properly honor the agreement reached through the International Energy Agency (IEA) last March" and that "the United States is particularly frustrated with France and Germany."
In March, more than 30 IEA member countries agreed to release 400 million barrels from their strategic reserves to stabilize oil prices. It was the largest release in the IEA's history, with the United States responsible for 172 million barrels and European countries accounting for 20% of the total.
U.S. Secretary of Energy Chris Wright publicly urged Europe to honor the agreement that day. Wright stated, "While the United States and Japan are fulfilling their commitments, some European countries have released only part of the crude oil and petroleum products they pledged," adding, "I urge all member countries to fulfill their commitments."
The DOE also announced that it had "issued a request for proposals (RFP) to release 40 million barrels of SPR crude through an exchange arrangement." The move follows the plan to release 172 million barrels, and the crude will reportedly be made available to energy companies through loan arrangements.
Meanwhile, Mohammad Bagher Ghalibaf, speaker of Iran's Parliament, issued a stern warning that same day, saying, "If Iran cannot sell oil, no country in the region will be able to sell oil." Ghalibaf made a similar warning in July regarding U.S. maritime blockade measures against Iran, among other issues.
Against this backdrop, Iranian Foreign Minister Abbas Araghchi, who had visited New York to attend the U.N. General Assembly, was scheduled to return home that day. He said, "Despite United States President Donald Trump's rejection of the 'seven-day plan,' the final response from the U.S. side will be conveyed through a Qatari mediator," adding, "I expect a response by the end of the day."
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