Trump Announces Russia-Ukraine Energy Truce Amid Deadly Houthi Attacks

President Donald Trump announced an immediate energy ceasefire between Russia and Ukraine on October 11, 2026, aimed at halting strikes on oil refineries to lower global diesel prices ahead of U.S. midterm elections. To facilitate this, Trump authorized the import of Russian diesel into the U.S. through a temporary Treasury license, arranging for an immediate release of 300,000 metric tons followed by larger shipments in November. Trump further pressured Ukraine to change leadership, suggesting President Volodymyr Zelenskyy has blocked peace efforts.

Ukrainian President Volodymyr Zelenskyy disputed the finalized status of the ceasefire, stating the announcement was news to him. While Ukraine indicated general support for a truce, Zelenskyy reported that Russia continued to strike power plants in Kyiv and Kharkiv. Russia partially lifted its diesel export ban but has not formally confirmed the ceasefire. In response to the U.S. pressure, Zelenskyy proposed a 60-day total ceasefire as a prerequisite for holding elections.

Simultaneously, Houthi rebels launched a series of missile and drone attacks on Saudi Arabia over the weekend, primarily targeting King Khalid International Airport in Riyadh. The strikes killed at least 14 people and injured over 300, marking the deadliest assault on Saudi soil in over a decade. The Houthis also targeted Dammam airport and Aramco facilities. Trump stated the U.S. is considering joining Saudi Arabia in retaliatory military strikes against the Houthis, though the White House has expressed caution to avoid further oil price spikes in the Bab al-Mandeb Strait.

Global markets reacted with volatility as the Islamic Revolutionary Guard Corps claimed control over the Strait of Hormuz, disrupting oil supplies and driving Brent crude prices between $102 and $106 per barrel.