Fuel Prices Are Slamming Consumers Even as Crude Crisis Fades Prices for gasoline, diesel, and jet fuel are rebounding even as crude oil prices ease, a rare divergence that is driving up costs for peak-season travelers and challenging President Donald Trump’s promise to curb inflation ahead of the midterm elections. The gap between refined fuel prices and raw crude has reached record levels in the U.S. and other regions, despite global oil benchmarks having largely reversed the spike caused by the Iran war. Analysts warn consumers may face further price increases as supply constraints from the Russia-Ukraine conflict and Middle East tensions continue to tighten markets. The situation highlights the complex interplay between global supply chains and regional demand. Russia, the world’s second-largest diesel exporter after the U.S., banned diesel exports in response to sustained Ukrainian attacks on its refineries, leading to domestic shortages. Countries reliant on Russian supplies, such as Brazil and Turkey, have engaged in fierce competition for alternative sources, exacerbating price pressures. Meanwhile, renewed clashes around the Strait of Hormuz—following Trump’s declaration of a ceasefire—have disrupted refined product flows, with daily shipments through the strait dropping to near 1 million barrels from 5 million before the conflict. In the U.S., regular unleaded gasoline averaged $3.88 per gallon as of July 10, the third-highest price on record for this time of year, while diesel prices are the second-most expensive for the season. Jet fuel costs remain elevated, with airlines struggling to offset earlier war-related expenses.#trafigura_group #strait_of_hormuz #president_donald_trump #wood_mackenzie #russia_ukraine_conflict
Trump woos Venezuela with potential deals as relations reset The United States announced on March 6, 2026, that it would re-establish diplomatic ties with Venezuela, seven years after halting operations at its embassy in Caracas. This decision followed a two-day visit by Interior Secretary Doug Burgum, who aimed to push for policy reforms and investments to unlock the country’s oil and mining resources. The move is framed as a form of dollar diplomacy, with President Donald Trump leveraging foreign investments to encourage democratic reforms, just two months after the U.S. captured former President Nicolas Maduro. Critics argue that Washington is seeking to dominate Venezuela’s natural resources, including crude oil, coal, and critical minerals, for its own benefit. However, Burgum and other Trump administration officials emphasize the potential for fostering stable supply chains for oil and minerals that are vital to global markets. They claim the initiative could bring greater political stability and improved living conditions for Venezuelans, as well as benefits for neighboring nations. Burgum stated that Venezuela’s leadership is “leaning in hard” to build a “positive, strong, enduring relationship” with the U.S. The country has pledged to advance mining law reforms seen as essential for attracting foreign investment. These reforms, along with agreements to restart oil and gas development with Shell Plc and American contractors, were signed during Burgum’s visit. Other deals are also in the works, including a plan for Venezuela’s state mining company to sell up to 1,000 kilograms of gold to Trafigura Group, a commodities trader, with the gold destined for U.S. refineries.#venezuela #doug_burgum #donald_trump #trafigura_group #shell_plc
