If you were hoping gas prices would calm down, here is the twist: President Donald Trump urged Volodymyr Zelenskyy to stop targeting Russian oil refineries and floated that Ukraine should consider new leadership. Speaking at the White House on Saturday, he said Ukraine needs a leader "who can make a deal" with Russia, adding, "There's plenty of targets," and, "Don't hit refineries."
Trump also said on Friday that he was working with Russian President Vladimir Putin to push diesel into global markets as the White House seeks to cool soaring fuel prices in the run-up to Nov. 3. Zelenskyy has already railed against the U.S. decision to facilitate Russian diesel flows, which include a Treasury waiver covering certain sanctioned fuel.
Trump outlined a batch of cargoes set to start this month, which he said would come to about 13.5 million barrels at the outset. A Kremlin readout quoted Putin saying Russia stands ready "to supply oil and petroleum products to the US and global markets."
On Saturday, Moscow loosened its diesel export ban, authorizing 500,000 metric tons for overseas shipment, without saying when the fuel would load or whether more might be cleared. Diesel, the workhorse of global commerce, has been squeezed by a sharp shortage that helped push pump prices to records and stoke energy-driven inflation worries.
Strikes on energy infrastructure move oil prices well beyond the region. Market Briefs covers that link free every weekday.
Zelenskyy slammed Washington's move to help reintroduce Russian diesel to world markets, warning it would hand Moscow more money to wage war. On Friday, Ukrainian negotiators left Miami a day earlier than planned after talks with Trump envoys on ending Russia's full-scale invasion. Hours later, Russian strikes on residential buildings in Ukraine killed at least 20 people.
Since he resumed occupancy of the White House in 2025, Trump has repeatedly sparred with Zelenskyy. In February, he cast doubt on Zelenskyy's legitimacy, calling him a "dictator" for resisting wartime elections. A week later, the two clashed face to face in the Oval Office in a rare public blowup over the war and the roles of Putin and former U.S. President Joe Biden. Trump's posture toward Zelenskyy has swung back and forth since.
Democrats moved quickly to denounce Trump's effort to facilitate Russian energy sales, arguing it would funnel cash to the Kremlin's war. Republican Representative Brian Fitzpatrick of Pennsylvania said he will bring forward legislation to block any U.S. purchases of Russian oil, and he said on X that he will name it the "Ronald Reagan Peace Through Strength Act."
Alaska Republican Lisa Murkowski, a senator, also criticized the decision, pointing to a law Congress passed that lets the president levy tariffs on countries buying Russian petroleum products, which Trump signed. "We can discuss Russia's return to global energy markets once the war is over, but in the meantime, we need to cut off everything fueling it," she wrote.
After the U.S. move, Germany and the UK reiterated their support for maintaining tough measures against Russia. Britain's Prime Minister Andy Burnham spoke with Zelenskyy on Saturday and plans to see him in person in the next few days, a Downing Street spokesperson said, reaffirming London's complete support for Ukraine.
This fight is all about supply. The White House is chasing more diesel to cool prices, while critics say the plan fattens Russia's war chest. If the shipments Trump described show up and Russia's 500,000 tons actually sail, that extra fuel could ease some pressure at the pump. But the shortfall that sent prices to records and the inflation risks tied to energy are still very real, and policy whiplash can move markets quickly.
Diplomatic pressure over refineries is really pressure over prices. Join Market Briefs free and follow it.
