What happened
Russia's President Vladimir Putin reportedly relayed Iran's terms for ending the war to US President Donald Trump in a phone call on Friday. This development comes after Putin met with Iran's President Masoud Pezeshkian at the Commonwealth of Independent States summit in Turkmenistan.
The Trump-Putin phone call also resulted in a deal for sanction waivers on Russian diesel, aiming to ease fuel prices ahead of the US midterm elections. Meanwhile, the conflict between Iranian-aligned Yemeni Houthis and Saudi Arabia continues, with the Riyadh airport being closed on Saturday due to a Houthi missile attack.
Iranian operations in the Strait of Hormuz have maintained pressure on global energy markets, despite improved traffic in the area. As a result, Brent crude prices rose to $105 per barrel on Friday, and the national average price for regular gas in the US was $4.37 per gallon on Saturday, while diesel was $6.28 per gallon.
