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...
We've been tracking the Iran situation closely this month, from the oil-price swings around ceasefire hopes to Trump's rejection of an earlier proposal. The latest development, reported by Reuters on October 4 , adds a specific, numbers-backed update: Iran says the Strait of Hormuz a waterway responsible for roughly one-fifth of the world's oil and liquefied natural gas supply before the war will not reopen until seven specific conditions are met. What Iran Actually Said Iran's parliament speaker, Mohammad Baqer Qalibaf , stated that the Strait of Hormuz "will not be opened" until seven conditions set out in a June interim agreement with the U.S. known as the Islamabad Memorandum of Understanding are satisfied. "The position of the Islamic Republic of Iran is completely clear and firm," he said, according to Reuters. Iran's Foreign Minister, Abbas Araghchi , added a specific and notable detail: if the conditions are accepted, Iran could reop...