BusinessPhoto: NDTVUS-Russia Diesel Deal Amid Rising Oil Prices and Inflation
Brent crude oil prices crossed $110 per barrel on October 16, the highest since May 20. US retail diesel prices rose to $6.18 per gallon by October 1, nearly doubling since the start of the year. Inflation reached 3.7% annually in September. Ahead of the November 3 midterm elections, President Trump announced a deal with President Putin for Russia to supply up to 4.8 million tonnes of diesel to US and global markets, with sanctions temporarily lifted until April 2027.
NDTV·