Trump Moves to Curb Diesel Prices with Russian Fuel Imports

U.S. President Donald Trump announced that he has reached an agreement with Russian President Vladimir Putin on a large-scale supply of Russian diesel fuel to the United States. On social media, Trump said that following talks with Putin, Russia agreed to immediately supply more than 300,000 tons of diesel to the U.S. and global markets, with shipments rising step by step to 500,000 tons next month and then 1 million tons thereafter.

Just before the announcement, Trump said in a public speech, "There will be big news soon regarding the diesel issue," adding, "Prices will come down sharply, and this situation will be over soon."

The U.S. Treasury Department, at Trump's direction, announced a temporary sanctions relief measure allowing imports of Russian diesel into the United States. The U.S. had banned Russian diesel imports since 2022 as part of sanctions against Russia, and the latest move marks the first time the import ban, in place for over four years, has been lifted.

Markets reacted immediately, with U.S. diesel futures declining right after the announcement.

Trump also emphasized that the conflict with Iran will end soon and that crude oil is currently flowing normally through the Strait of Hormuz.