Après Trump

Diesel and oil markets show Ukraine and Iran conflicts have merged into one global energy squeeze, exposing structurally declining US leverage likely to outlast Trump.

• Diesel diplomacy: Trump announced Russia will supply 300,000 tons of diesel immediately, 500,000 more in November, and 3 million tons total, even as US diesel prices sit at record highs.
• One war, two fronts: Papic argues Ukraine's refinery strikes and the Iran/Hormuz conflict are now the same energy-price problem because diesel and crude trade globally with no slack.

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