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Trump tells Ukraine's Zelenskiy to stop hitting Russian diesel
U.S. President Donald?Trump called on Ukrainian president Volodymyr?Zelenskiy on Sunday to stop attacking Russian diesel infrastructure. He said the attacks are causing a fuel shortage that "hurts the world". In recent months, long-distance Ukrainian?drone attacks on Russian oil refineries have reduced the country's fuel production. This has led to gasoline shortages in all of Russia. Ukraine, which is regularly attacked by Russia on its own energy infrastructure says that refineries are legitimate targets. According to GasBuddy, the U.S. average price of?diesel - used in trucks, trains and ships, as well as farm equipment - rose above $6 per gallon on Thursday for the first ever time. Trump said to journalists that Zelenskiy must stop knocking down diesel fuel in Russia. This was during his visit to the Irish Open in west Ireland, which is held on a course owned by Trump's family. "We spoke to Mr. Zelenskiy. There are a number of other targets. ?Don't hit diesel fuel. He said, "That's bad for the world." Trump said that the global shortage is not caused by the Middle East but by Russia and Ukraine. According to a draft government forecast, the war has caused Russia to reduce its oil production forecast for this year to a 17-year-low and to revise its fuel exports forecasts for 2026 and 2027.
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Russian nuclear head says Ukraine attacked fuel trucks, endangered Zaporizhzhia plant
The head of Russia’s state nuclear corporation, accused Ukraine on Sunday of attacking diesel fuel truck and killing two Russian servicemen. He also said that Ukraine was deliberately compromising safety at the Zaporizhzhia Nuclear Power Plant in Ukraine. Alexei Likhachev stated that 'the attack took place on Friday, and resulted in other Russian soldiers being injured. In the first weeks of the Ukraine War that erupted in February 2022, Russian forces seized the Zaporizhzhia Plant, Europe's biggest with six reactors. Both sides have accused each other of taking actions that "endanger the safety of the plant" and increase the likelihood of a nuclear disaster. Likhachev?issued a?statement saying Ukrainian forces launched "a number of combined strikes" Friday against fuel trucks that?deliver Diesel to the station. He said that the strikes were very close to the station's perimeter. Two servicemen died, and many Russian soldiers, some of them seriously, were injured. All of them were involved in supporting a purely civil mission. Diesel generators are vital for the plant, as they provide the power needed to cool the nuclear fuel in the reactors when the two external power lines of the plant go down. Both links were down for almost a three-week period in August and Septembre. Moscow has rejected the Ukraine's demand that Russia abandon the station and return its operation to Kyiv. Currently, the fuel?generates zero electricity. The International Atomic Energy Agency (IAEA), the U.N.'s nuclear watchdog, has permanently stationed a team of observers at the station along with Ukraine’s three other working plants. The agency has "repeatedly" acted as an 'intermediary? when disputes arise. Last month, it helped to arrange a local truce in order for repairs to be carried out and external power connections restored.
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Ukraine prepares for harsh winter after Russian attacks on economy
Officials in Ukraine warned that the country is bracing itself for a harsh winter, as Russian attacks on its infrastructure and export industries compound a growing budget crisis. The Economy Minister Oleksandr Kravchenko stated that the damage to Russian infrastructure and fixed assets was estimated to be close to $10 Billion this year. In addition, the wider economic costs and de facto blocking of its ports are seen as about 1.5 percentage points on the gross domestic product. Kravchenko stated that "we anticipate a difficult winter, both in terms critical infrastructure which is destroyed by Russian attacks every day, as well as the overall economic situation in the country." He told diplomats, investors and officials at a YES Conference in Kyiv that "this all happens when the budget is very tight and fiscal?space is extremely constrained." Russia and Ukraine are increasingly targeting each other's economic assets and logistics networks to try and undermine the other's war efforts. Since more than two weeks, Russia has been launching near-constant attacks on Kyiv, using jet-powered drones that are faster. This has disrupted life, business, and government operations. Both Russia and Ukraine deny that they deliberately target civilians during air strikes. Moscow has also blocked Ukraine's Black Sea port by intensifying air strikes on the southern regions of the country. Kravchenko stated that the blockade could result in a loss of about $40 billion dollars in export revenues. Ukraine's major exports, agricultural products and steel and iron, are shipped through its Black Sea port. Budget Revenue Falls Behind The domestic budget has been under pressure as Russian attacks have damaged infrastructure and industry. Roksolana Piedlasa is the head of the budget committee of the parliament. She said that domestic revenue was $1.35 billion below expectations in the first eight month of the year. A quarter of these losses were recorded just in August. She said that the war is becoming more expensive and Ukraine cannot fully fund its defense needs with domestic resources as it did in previous years. In the first eight-month period of this year, Ukraine spent about $42 billion for its defence. This does not include in-kind support. Pidlasa stated that domestic revenue generation and borrowing from local sources only yielded $39 billion during this period. She said, "Unfortunately this year the war is so expensive that we cannot even cover our own share of the costs." She said that the daily cost of war increased to $190 million in this year, compared to $140 million by 2024, due to inflation, an increase in troop numbers, increasing social payments to families of fallen soldiers, and a higher consumption of ammunition. Ukraine will face a?funding gap for its defense through the end this year. The government is trying to find ways to reduce or delay non-military spending, and is in negotiations with its Western allies on financial support. But so far there hasn't been a clear solution.
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Moscow claims that it has hit ships and plants in Ukraine. Six people have been killed.
Officials said that Russian air strikes on Saturday in various Ukrainian regions killed six people and injured dozens. They also damaged infrastructure, residential buildings, and residential areas. In the last two months, civilian deaths in Ukraine have risen dramatically as Russia intensifies its attacks on infrastructure and 'power plants. Ukraine has attacked energy facilities and storage warehouses in remote parts of Russia, and both sides have targeted shipping. Vitaliy Bunechko is the governor of Ukraine’s Zhytomyr Region west of Kyiv. He said that a Russian attack on a grocery shop in Zvyahel killed two people. He said that two petrol stations, as well as a "foreign-invested enterprise" unidentified by him were also attacked. Volodymyr Zelenskiy, the president of Ukraine, reported earlier that attacks had been carried out in Kryvyi Rih and Zaporizhzhia?in the south-east. Ivan Fedorov is the governor of Zaporizhzhia Region. He said that two people have been killed and eleven injured in attacks on Zaporizhzhia, and other areas. Oleksandr Vilkul is the head of Kryvyi Rih’s military administration. He said that two people were killed overnight in attacks on?the city. The Russian military claimed that its forces had attacked Ukrainian steelmaker Zaporizhstal in the city of Zaporizhzhia. They also said they hit the Interpipe Steel Complex in Dnipro, several plants in Kryvyi Rih including the Northern Iron Ore Benefitation Works complex. It was impossible to independently verify the accounts of either side. Oleh Kiper said that in Odesa Region 37 people including an infant were injured overnight. Two people are missing. The Russian Defence Ministry stated that Moscow's forces have continued their strikes against Ukrainian ports. It claimed to have hit a cargo vessel in Odesa, which was carrying military goods. The ministry announced earlier in the day that its forces had hit two cargo ships overnight in the Black Sea port of Chornomorsk. Ukraine's military claimed it had caused a fire at one of Russia's biggest synthetic?rubber manufacturers in Togliatti?in the Samara area. It said that the Togliattikauchuk factory specialised in producing synthetic rubbers and fuel additives used in fuel for Russian missiles. Interfax reported that Russian regional governor Vyacheslav Federishchev claimed that Ukrainian drones had attacked industrial facilities in the?Samara Region, but did not specify which ones or whether they were damaged. Ilya Sukhikh, the mayor of Togliatti, in Samara Region, reported that several residential buildings had been?damaged, and one person injured. Svetlana Kambulova, the local mayor, told TASS that four commercial properties in Taganrog, in the Rostov Region, were also set ablaze.
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Iceland could ban whaling, leaving Norway and Japan in isolation
Iceland's Government will present a bill?on whaling in February that could ban it. This move?would leave Norway and Japan the only countries in the World to continue commercial whaling. Animal welfare activists and Hollywood celebrities have been protesting against Icelandic whaling for years. The government, which holds a majority in parliament, announced on its website that it is examining possible options for updating its whaling laws, paying particular attention to the option of an outright ban. According to Humane World for Animals (an animal welfare group which tracks the catches), 80 fin whales have been caught in this year's hunt season. This runs from June until the end of the month of September. The quota allows for 150 fin whales to die this year. Wendy Higgins is a spokesperson for Humane World for Animals. She said that there was a lot of public and political support for the bill. There are also compelling ethical, legal, veterinary and conservation reasons for hoping it passes. The International Union for Conservation of Nature has classified fin whales as vulnerable. Iceland's interim Government issued a license for five years to its sole remaining whaling firm in 2024. According to the International Whaling Commission, only Japan, Norway, and Iceland have engaged in 'commercial whaling' over the past few years. Iceland and Norway both resumed commercial whale hunting in 2006 despite an international moratorium in place since 1986. Japan withdrew in 2019 from the International Whaling Commission and resumed commercial whale hunting in its territorial waters and exclusive economic zones. The moratorium allows indigenous peoples to hunt whales in certain parts of the world such as Greenland or Alaska because whale products are vital for their cultural and nutritional lives.
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Trump claims that Iran is likely responsible for the attack on Saudi pipeline
U.S. President Donald 'Trump' said on Saturday that Iran is probably responsible for the aerial attack that shut down Saudi Arabia's East-West Pipeline, which was one of the Kingdom's main routes for exporting oil while bypassing the Strait of Hormuz. When asked by reporters in Dublin if Iran is?responsible? for the attack on a?vital oil pipeline, Trump replied: "I think that they are. They probably?are." The President of the United States, Donald Trump, also said that he had spoken with Saudi Crown Prince Mohammed bin Salman. He described him as a "good friend." The?U.S. Trump said that the Iran-aligned Yemeni?Houthis called his administration and expressed their desire to not have the United States directly involved in this conflict. "They'd much rather not have us involved and are letting the majority of?ships through." Trump added that there's "just one" country with which they aren't too pleased.
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US court rejects Trump administration's bid to keep Michigan coal plants open
On?Friday, a federal appeals court threw out a President Donald Trump administration order that had?forced a Michigan coal-fired plant to stay open past its planned retirement date. According to court documents, a unanimous?ruling?by a three-judge panel of the U.S. Court of Appeals 'for 'the District of Columbia Circuit determined that the Department of Energy had exceeded its authority in a rarely invoked emergency provision of federal legislation. Michigan challenged the DOE order after DOE instructed J.H. Campbell plant to stay online in 2025, shortly before the planned closure. The decision is a blow to the administration's efforts to maintain coal-fired power at a moment when the demand for electricity in the United States has increased due to the expansion of data centers. The coal-fired electricity is one of the biggest sources of carbon dioxide that contributes to climate change. "By forcing its continued operation, DOE attempted a tactic never before used to illegally support the aging J.H. Campbell coal plant, which nobody wanted to keep. Ratepayers are now stuck with the bill for an aging facility that should have retired over a year ago. "I'm relieved that the Court saw right through this façade and overturned DOE's order, which had no basis in reality," said Michigan Attorney?General Dana Nessel. The Trump administration has been using emergency powers under the Federal Power Act since 2025 to continue operating coal plants that were scheduled for retirement in Michigan, Indiana and Washington State, as well as those in Colorado, Washington State, Washington, and Michigan. DOE did not immediately respond to an inquiry for comment. This decision comes one month after DOE extended an emergency order to keep J.H. Campbell Generating Plant will remain open until November 14. Consumers Energy's plant was scheduled to close by 2025, because it "wasn't economically viable." According to the Michigan Attorney General's Office, the utility spent $295 million between May 2025 and June 2026 on its continued operation. Brian Wheeler, spokesperson for Consumers Energy, said that the company is reviewing this ruling. He said that "while that happens, we will continue to comply with the 90-day Department of Energy Order that keeps the Campbell Plant operating." Environmental groups have welcomed the ruling. Michael Lenoff of Earthjustice said that the 'DOE should stay within its lane and only use emergency powers in actual emergencies. "An emergency power should not be used to prevent the retirement of coal plants due to market forces in order for a coal-friendly agenda to gain traction."
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USDA cuts corn harvest forecast after hot summer weather
The U.S. Department of Agriculture announced on Friday that U.S. farmers will harvest less corn this fall than they had previously anticipated, following hot weather during the summer. Prices recently reached a 'three-year high' due to uncertainty over the size of the crop. Farm diesel fuel is used to run harvesting equipment by farmers. Diesel prices are also at record highs, above $6 per gallon, as they prepare for the harvest of crops in Midwestern fields. Jim McCormick is the chief operating officer of AgMarket.net. He said that "the cost to get this crop out has gotten really expensive." In a report published monthly, the USDA said that farmers will harvest 15,8 billion bushels (or 178.5 bushels) of corn and 4,535 billion bushels (52.8 bushels) of soybeans. USDA estimated corn production in?August at 16.013 billion bushels with an average of 180.7 bushels/acre and soybean production was 4.519 billion with an average yield?of 52.7 bushels. Analysts said USDA could lower its crop estimates further in future reports. Corn futures prices briefly rose on the Chicago Board of Trade. Jim Gerlach of A/C Trading said, "It is not a bad harvest?but by a wide margin it's less than last year's." Farmers have enjoyed the highest prices for about three years, due to uncertainty over U.S. grain yields and disruptions in Russian and Ukrainian grain exports out of the Black Sea area. Prices for soybeans reached a three-year peak on Friday, thanks to optimism over Chinese?demand ahead of a'summit' between Donald Trump and Xi Jinping. USDA increased its estimates of average U.S. corn prices by 60 cents per bushel and 30 cents per bushel. Farmers who face fuel and fertilizer prices that have skyrocketed since the U.S. began its war against Iran, causing trade disruptions in the Strait of Hormuz, are not guaranteed to make a profit. Many farmers order fuel and supplies for spring planting. Randy Place, an analyst with?the Hightower Report, says that "this is not the time for a large rally" of these prices. It is unclear whether crop prices can remain high for a long time to offset the steep input costs, and reverse the downturn of the agricultural economy in the last four years. Both growers and economists agree that the current business climate is one of the worst since 1980s, when a wave foreclosures and bankruptcy crippled U.S. Farmers. STOCKS ENDING TIGHTEN A lower estimate of corn production could help support prices. According to a poll, analysts had expected a corn harvest of 15,785 billion bushels with a yield average of 178.2 bushels/acre and a soya bean crop of 4,501 billion bushels with a yield average of 52.5 bushels/acre. USDA estimates that U.S. ending corn stocks will reach 1.567 billion bushels by August 31, 2027, after crops are exported to feed livestock in the U.S. and make biofuels. Stocks of soybeans were estimated to be 310 million bushels. Analysts expect 2026-27 corn stocks to be 1.528 billion bushels and soybean stocks to be 298 million bushels. The USDA estimated?corn stock at 1.653 billion?bushels and soybean stocks at 318 million?bushels in August. USDA estimates that the 2026-27 wheat ending stocks will be 717 million bushels. This is unchanged from August, and slightly lower than analysts' expectations (719 million bushels). USDA has lowered its estimate of wheat exports to Ukraine and Russia by 1 million tons metric tons each, as compared with a month earlier.
Investors and economists respond to the capture of Venezuelan President Maduro by the US
After months of accusing Maduro of drug trafficking and unlegitimacy, the United States announced that it had attacked Venezuela on Saturday and captured its longtime President Nicolas Maduro, marking a dramatic increase in geopolitical pressures.
In a Truth Social posting, Donald Trump said: "The United States of America successfully conducted a large-scale attack against Venezuela and its president, Nicolas Maduro. He and his wife were captured and flew out of the country."
Washington hasn't intervened in Latin America in this way since 1989, when it invaded Panama to remove military leader Manuel Noriega over similar accusations. Trump said in a later press conference held at his Mar-a-Lago Club in Florida that Secretary of State Marco Rubio was working on the details. Trump has also said that he will come to the aid if the security forces fire on protesters in Iran. This comes after days of unrest in Iran which has resulted in several deaths and is the greatest internal threat for the Iranian authorities since years. The OPEC+ group, which includes Venezuela and Russia as well, will meet on Sunday to discuss crude oil output.
Here are some comments from investors and economists:
JAMIE COX, HARRIS FINANCIAL GROUPS, RICHMOND (VIRGINIA): "The market's reaction is likely to be muted. We?might receive some market-moving news tomorrow at the OPEC Meeting." The drillers and (shares of) Big Oil are likely to be bid up as speculation builds about the benefits of rebuilding Venezuela's?oil sector."
HELIMA CROFT, HEAD OF GLOBAL COMMODITY STRATEGY AND MENA RESEARCH, RBC CAPITAL MARKETS, NEW YORK:
The U.S.'s track record of regime change and nation building is not unambiguous.
BRIAN JACOBSEN, CHIEF ECONOMIC STRATEGIST, ANNEX MANAGEMENT BROOKFIELD WISCONSIN
This was not a question of if, but when. From an investment perspective, it could unlock massive amounts of oil over time. This could serve as a warning for the Iranian leadership, and possibly even Russia, regarding the president's ability and willingness to effect change.
When conflict begins, markets can swing from a risk-off to a risk-on mode. Oil markets may be the only ones to react, given how quickly the situation unfolded. "There have been many forecasts about a glut of oil on the market. This will only add to that."
MARCHEL ALEXANDROVICH ECONOMIST, 'SALTMARSH ECONOMICS', LONDON
The events remind us that geopolitical issues continue to dominate headlines and influence the markets. The markets have to deal with a much higher level of headline risk now than under previous U.S. administrations. administrations."
TINA FORDHAM is the founder and geopolitical strategist at FORDHAM Global Foresight, London:
"I'm expecting a sense of almost a boon, even though the history of postauthoritarian transitions has been bumpy and nonlinear." The American record in the Southern Hemisphere has also been patchy. There's a lot to be optimistic about in a post Maduro, post Chavez Venezuela. I think the reality will be more complicated. "I think that (for) the Monday opening, this will fuel animal spirits, as well as (the possibility of) change in Iran."
"We have seen periodic protests in Iran, the regime is unpopular since a long time. This time it is gaining momentum. "These are two markets, the energy-producing and consumer markets that were previously off limits for international investors. They could now be opened up."
(source: Reuters)