Story perspectives

Bipartisan Senators Demand Trump Halt Russian Diesel Purchase Plan

By Drooid · Oct 12, 2026, 4:24 PM UTC · How we work

Summary

Trump Secures Diesel Deal

U.S. President Donald Trump announced a deal with Russian President Vladimir Putin to buy 300,000 tons of diesel immediately.
The pact adds 500,000 tons in November, 1 million tons thereafter, and 3 million tons later.
Six bipartisan senators demanded the administration reverse the diesel-purchase plan immediately.
Congress passed a law taxing importers of Russian oil and gas, exempting low-importers.
Trump said Russia and Ukraine agreed to an ‘energy ceasefire,’ but Kyiv reported attacks on energy sites.

Summary

Gold Price Swings

Spot gold rose 0.3% to $4,206.01 per ounce on Monday, 2026-10-12.
A weaker U.S. dollar made dollar-priced gold cheaper for foreign buyers.
Lower oil prices after President Donald Trump’s Russia-Ukraine energy ceasefire helped lift gold.
Spot gold later slipped 0.5% to $4,172.36 as the dollar rose, said Jim Wyckoff.
Traders see a 17% chance of an October Fed hike and an 86-87% chance of a December hike, CME FedWatch.

History

Historical Context

During the October 1973 OAPEC oil embargo—prompted by the Yom Kippur War and led by Saudi King Faisal—U.S. oil imports fell and global prices jumped from $3 to about $12 per barrel, a rise of roughly 300%. The crisis ended in March 1974, but its legacy of energy-security shocks informs today’s Trump-Putin diesel agreement and related policy debates.

1 of 3

Trump Secures Diesel Deal

U.S. President Donald Trump announced a deal with Russian President Vladimir Putin to buy 300,000 tons of diesel immediately.
The pact adds 500,000 tons in November, 1 million tons thereafter, and 3 million tons later.
Six bipartisan senators demanded the administration reverse the diesel-purchase plan immediately.
Congress passed a law taxing importers of Russian oil and gas, exempting low-importers.
Trump said Russia and Ukraine agreed to an ‘energy ceasefire,’ but Kyiv reported attacks on energy sites.

1 / 3