Leaders of the Group of Seven (G7) advanced economies are holding an urgent video conference to discuss the global diesel supply situation as the ongoing war in Iran puts further pressure on fuel markets.

UK Foreign Secretary Ed Miliband is attending the meeting on behalf of Britain.

The talks come after US President Donald Trump said he may ask European countries to release diesel reserves as his administration considers a ban on US diesel exports.

Such a move could significantly reduce diesel prices for American drivers, but experts have warned that restricting US exports could put further pressure on prices in other countries as global supplies remain under strain.

In the UK, average diesel prices have reached a record high, according to motoring organisation the RAC, hitting £2 a litre for the first time.

Despite the record prices, UK Transport Minister Keir Mather said the country's diesel supply remains "robust" and "resilient", with Britain having access to a wide range of supply sources.

The sharp rise in diesel prices is also expected to have wider economic consequences. Even people who do not drive could feel the impact, as higher fuel costs feed into the prices of goods and services, adding to pressure on household budgets.

The G7 discussions come amid growing concerns over the impact of the Iran war on global energy supplies and the potential for further disruption to fuel markets.

Source: BBC