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...
Global markets are entering another critical few days as Iran says it could respond to the latest U.S. proposal within days, while oil prices have surged above $105 a barrel amid renewed concerns over shipping and supply through the Middle East. Iranian Foreign Minister Abbas Araghchi said Thursday that Tehran is still reviewing Washington's response to an Iranian proposal and expects to provide its own response within the next few days. He also said that the diplomatic process between Iran and the United States is continuing. The timing is important for energy markets because oil prices are rising sharply at the same time that investors are watching the possibility of a diplomatic breakthrough. Iran's Response Could Become the Next Major Market Catalyst Araghchi's comments do not mean that a final agreement has been reached. Iran is still reviewing the U.S. position, while the two sides continue to negotiate through diplomatic channels. Iran's proposal is centered...