Trump waived Graham Act tariffs of up to 500% on Russian goods and up to 100% on top buyers of Russian oil, including China and India. What is known, and what it could mean for US fuel costs.
Brent crude touched $110 and closed at $109.86 on Oct. 16, 2026, and WTI settled at $101.41. CNBC ties the jump to Hormuz attacks; NBC says it raises the odds of another Fed hike this year.
The average US retail diesel price hit $6.32 a gallon, more than 70% above the same period last year according to AAA, as IEA members agreed to release over 20 million barrels.
US crude futures rose 3.1% to $98.04 a barrel on Oct. 15, 2026, which RTTNews tied to supply concerns after two ships were struck in the Strait of Hormuz.
US diesel is $6.30 a gallon, up about 60% in a year, according to EIA data cited by DW. Analysts at Commerzbank and the German Economic Institute told DW a US-Russia diesel deal is unlikely to bring fast relief.
Diesel topped $8 a gallon in California as the IEA warned on October 14, 2026 that global diesel supply will stay tight into the second half of 2027 due to Iran war disruptions in the Gulf.
Brent crude fell 1.7% to $102.94 a barrel after President Trump announced an unconfirmed Russia-Ukraine energy truce, while OPEC cut its 2026 demand forecast for a fifth straight time and Strait of Hormuz tensions escalated.
Brent crude falls to $103.53 after Trump cites productive Iran talks, even as new tanker strikes near the Strait of Hormuz keep energy markets on edge.
Trump rules out military action against Iran before November 3 midterms as oil prices top $100 a barrel and gas costs rise over $1 a gallon since the conflict began.
Russia offers mediation as Iran-Saudi fighting over Mocha port continues and Rubio claims Iran lost control of the Strait of Hormuz. Gold slips to $4,123.91/oz.
