President Trump announced after a call with Vladimir Putin that Russia would supply more than 4 million tons of diesel to the global market. The move is widely seen as an attempt to ease fuel prices before the midterm elections, but analysts are skeptical it will actually lower costs for Americans.
The announcement drew criticism because it appears to contradict U.S. sanctions on Russian oil sales. Trump recently signed legislation allowing tariffs on major buyers of Russian crude. Separately, Trump said Russia and Ukraine had reached an "energy ceasefire," which could ease oil and gas pressures, though Ukraine's president said Moscow had already violated it.
Meanwhile, tanker attacks in the Strait of Hormuz have reached their highest levels since the start of the Iran war, raising doubts about whether global crude supply can meaningfully increase. Oil futures were higher, reversing initial declines, and crude prices rose last week, though U.S. stocks still ended the week in the green.