Britain prepares for a possible ban on U.S. oil exports

The United Kingdom is in talks with U.S. authorities over a possible ban on oil exports and has begun preparations in case the measure is imposed, Chancellor John Healey told BBC News.

Oil prices in the United Kingdom reached a record level on Monday, driven by supply concerns amid the U.S.-Israel conflict with Iran and Russia’s war in Ukraine.

U.S. President Donald Trump has said his administration is seriously considering limiting oil exports, while fuel prices have risen on international markets.

Healey acknowledged that prices in Britain are at “extreme” levels and said the government is coordinating its actions with Washington. According to him, London is also taking precautionary measures and using its oil reserves.

“We work very closely with the Americans,” Healey said during the Labour Party’s annual conference in Liverpool. He added that a diplomatic solution and an end to the fighting with Iran could significantly ease supply pressures.

The United Kingdom relies on the U.S. for about a third of its oil imports. A ban on U.S. exports could increase pressure on supply and prices in the British market.

According to U.S. sources cited in reports, the Trump administration is also considering the measure as part of efforts to lower fuel prices for American consumers.