G7 leaders have held an emergency meeting on diesel supplies after US President Donald Trump threatened to ban US diesel exports. UK diesel prices have hit a record £2 a litre, with prices in Scotland and England among areas above the £2 mark. Since the war in Iran began, red diesel used in agriculture has risen 70% to 80% while forecourt diesel is up about 40%. Some farms have spent £50,000 on new storage tanks amid fears supplies could tighten.

The UK’s average retail diesel price has reached a record 199.18p per litre, while petrol has risen to 174.13p per litre. The motoring organisation RAC said the past seven months of war in the Middle East have severely disrupted regional crude oil production and transport, pushing fuel prices higher. It said the cost of filling a tank of diesel is £31 higher than at the start of the conflict and warned elevated diesel prices could feed through to broader consumer costs unless oil prices fall sustainably for weeks.