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 is stuck near $100 a barrel, and the weekend made the picture murkier. Brent crude traded around $101.31 on Monday, down 0.92% on the day, even after Yemen's Iran-backed Houthis claimed new missile and drone strikes on Saudi Aramco sites. With US futures slightly lower ahead of the open, investors are asking whether the Red Sea has become the next oil choke point, and what that means for inflation, bond yields and stocks. Market Snapshot: Monday, October 5 (Pre-Market) Indicator Level Move Source Brent Crude $101.31 -0.92% Trading Economics WTI Crude $89.94 -1.28% Trading Economics Brent-WTI Spread $11.37 (Normal: $3-$5) N/A Our Calculation, Modern Diplomacy Murban Crude (Abu Dhabi) About $110 About $8 above Brent Modern Diplomacy Gold $4,137-$4,150 -3% on the week Modern Diplomacy, Stockopedia Bitcoin About $86,000 +0.2% Stockopedia US 10-Year Yield 5.18% (Friday) N/A Modern Diplomacy S&P 500 (Friday Close)...