U.S. futures are mixed with the price of Brent crude climbing to more than $105 a barrel as President Donald Trump’s plan to purchase diesel from Russia drew criticism from some lawmakers.
Futures for the S&P 500 and Dow Jones Industrial Average both edged up 0.1% on Monday. Nasdaq futures dipped 0.1%.
Oil prices have continued to yo-yo because of uncertainty about when the war with Iran will allow the global energy industry to return to normal.
Trump announced on social media Friday that he struck a deal to buy Russian diesel with Russian President Vladimir Putin in a phone call, aiming to tamp down a spike in fuel prices ahead of the Nov. 3 U.S. midterm elections.
The president said Russia will immediately supply more than 300,000 tons of diesel to the American and global market, followed by an additional 500,000 tons in November and 1 million tons “immediately thereafter.” Russia will deliver an additional 3 million tons “within a short period of time” after that, he wrote.
Trump said Sunday that Russia and Ukraine had agreed to an “energy ceasefire ” in the 4 1/2-year-old war. He offered no details on it and Kyiv reported attacks by Moscow on energy sites after his statement.
The plan runs counter to U.S. efforts to cut the flow of money Russia gets from oil and gas sales that can be used to pay for its war against Ukraine. Trump’s announcement came just a few weeks after Congress passed legislation that directed Trump to impose substantial tariffs on the top importers of Russian oil or natural gas, with an exception for countries that import less than 15% of Russia’s natural gas exports and have taken significant steps to reduce those imports.
The price of Brent crude, the international standard, rose 1% to $105.74 per barrel on Monday. U.S. benchmark crude oil gained 1% to $92.77 per barrel.
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