On Friday, President Trump announced that Russia will supply large volumes of diesel to the U.S. and global markets after a phone call with Vladimir Putin, and the Treasury Department waived sanctions on Russian diesel the same day. With diesel prices at record levels, the headline numbers sound big. Here is what is confirmed and what isn't. What Was Announced Trump wrote on Truth Social that Russia will immediately supply more than 300,000 tons of diesel, followed by 500,000 tons in November and 1 million tons right after that. A further 3 million tons would follow within a short period, he said, depending on the condition of Russia's refineries. Added together, the four tranches come to 4.8 million tons, while CNBC reported the total as more than 4 million. Trump predicted diesel prices would be "coming down, in record numbers, and fast," according to Axios. The Sanctions Waiver Shortly afterward, the Treasury's Office of Foreign Assets Control issued General L...
Oil prices are finally showing signs of cooling, but investors should not mistake a short-term decline for the end of the global energy shock. On Tuesday, October 6, Brent crude fell around 2% to about $97.96 a barrel as stronger Middle Eastern exports and the G7's planned emergency reserve release eased some concerns about immediate shortages. Yet behind the lower oil price is a market that remains unusually fragile, with inventories under pressure and refined fuel supplies still tight. For markets, that distinction matters. Oil Prices Ease as Middle East Flows Recover Recent shipping data has given traders some breathing room. Gulf oil flows excluding Iran recovered to more than 81% of their pre-war level in September, averaging around 19.2 million barrels per day compared with approximately 23.6 million barrels per day before the conflict began. That recovery has helped push oil prices lower. But flows are still below their previous levels, meaning the market has not completel...