What Trump diplomacy means for oil prices | The Business | ABC NEWS

By ABC News (Australia)

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Before the weekend was out, US President Donald Trump announced an "energy ceasefire" between Ukraine and Russia would begin immediately, without elaborating on the details. Ukrainian President Volodymyr Zelenskyy however later said the ceasefire was "news to me" but he supported it if Russia stopped striking energy targets. Meanwhile, Mr Trump said a new deal with Russia to open up millions of barrels of diesel for export will lower diesel prices, but experts say it won't "move the dial" on costs for consumers. The Commonwealth Bank's senior geo-economic analyst Madison Cartwright said the impacts of the Russian diesel export ban (now altered) has been part of the oil price story, saying "this will increase supply of diesel in the market, and that will bring down prices somewhat." But he added that "another big part of the story is that a lot of the refined products, including things like diesel and petrol, haven't been able to get out of the Strait of Hormuz in the way that we've s

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