Both leaders spoke by phone for 90 minutes on Friday after which Trump announced Russia would immediately supply more than 300,000 tonnes of diesel, followed by 500,000 tonnes in November and an additional one million tonnes thereafter.

“I do think these are immediate wins for both Vladimir Putin and Donald Trump. Trump has midterm elections coming up in less than a month, so he can tout this as a victory. One of the biggest concerns in the US is oil prices, so this will boost market confidence at a time when markets have become increasingly unstable,” Jardula said

Diesel prices affect agriculture, home heating, and trucking costs, and are near record highs, posing a risk for Trump’s fellow Republicans ahead of elections on November 3 that will determine whether they retain control of Congress. US diesel futures fell almost 5% following news of the deal and were trading at $4.64 a gallon.

The Ukraine conflict dominated much of the discussion between the presidents, with Putin briefing Trump on the situation along the front lines and Moscow’s response to Ukrainian “terrorist strikes” on energy infrastructure and civilian targets deep inside its territory.

Putin said Kiev had effectively derailed plans to resume trilateral talks between Russia, Ukraine, and the US, which the leaders had discussed holding after Russia’s State Duma elections. Kremlin foreign policy aide Yury Ushakov said Ukrainian drone attacks on polling stations and election officials had fundamentally changed the situation.

Moscow will now reconsider when negotiations can resume, according to the Kremlin aide.