FILE-A man fills up his vehicle at a gas station in Brooklyn on June 01, 2026 in New York City. (Photo by Spencer Platt/Getty Images)
Oil prices increased on Monday after President Donald Trump announced last week that he agreed to a deal to purchase Russian diesel with Russian President Vladimir Putin.
Reuters reported Trump stated he is taking steps to lower high fuel prices, which have climbed since the United States began its conflict against Iran.
The surge in energy prices and its effect on the economy will be a key focus this week as Wall Street reviews important economic updates. According to The Associated Press, this includes fresh data on the housing market, inflation and retail sales.
What are the current oil prices?
Dig deeper:
As of Monday, the current national gas price average nationwide is $4.35, according to AAA. The price of Brent Crude, the international standard, increased 2.1% to $106.95 per barrel on Monday.
Prices have wavered from $96 and almost $110 over the last month due to uncertainty about an end to the United States war with Iran and its continued impact on global energy supplies and inflation.
RELATED: Trump admits gas prices could remain high through November elections
On Oct. 9, President Donald Trump announced on social media that he made a deal with Russian President Vladimir Putin to supply the U.S. with over 300,000 tons of diesel.
The deal is a change in stance by the U.S., which from the beginning of Russia’s war with Ukraine banned imports of Russian oil, and comes at a time when the nation’s economy and consumers are affected by a global rise in oil prices because of the ongoing U.S. war with Iran.
According to The Associated Press, higher diesel prices mean more expensive transportation for everyday goods. This happens because diesel is used for many freight and delivery networks. And some businesses have already passed along expensive costs to consumers in the form of added fees on online orders and packages in the mail.
The Source: Information for this story was provided by The Associated Press, AAA, and Truth Social post from President Donald Trump. This story was reported from Washington, D.C.