Trump and Putin’s diesel deal and Sunday’s energy ceasefire exposed London’s game: Ukraine’s refinery strikes kept fuel prices high before the midterms. Barbara Boyd asks whether a new economic order, built outside London’s markets, is at hand.
Barbara Boyd opens with President Trump’s Sunday announcement of an energy ceasefire in the war between Russia and Ukraine, and what led up to it: his remarks to the press that it’s time for Ukraine to get a new president, and Friday’s agreement for Russia to supply diesel to the United States and the world, with a Treasury license authorizing Russian diesel through April 2027.
She argues that Trump and Putin have exposed the game being played by the City of London: Ukraine’s drone strikes on Russia’s refineries, which the Washington Post examined, keep fuel prices high ahead of the November 3 midterms, while the Financial Times reports the administration threatened to cut off weapons and intelligence if the attacks continued, and members of Congress move against the deal.
After President Zelensky’s interview on ABC’s This Week blaming high prices on the war in the Middle East, the episode turns to the energy wars: Russia’s ban on fuel exports, U.S. diesel above $6 a gallon, no major new U.S. refinery since 1977, and Europe’s emergency diesel stocks, held mainly by Germany and France, until Trump’s export threat brought a G7 release of 100 million barrels of oil and diesel.
It closes with Treasury Secretary Scott Bessent on Operation Economic Outcast against Iran’s regime, the petrodollar system and London’s commodity markets since the 1971 collapse of Bretton Woods, President Putin’s case for long-term contracts between producing and consuming nations, the Conservative Treehouse’s argument that the world’s biggest economy is aligning against the financial schemes of London while retaining the dollar, and Secretary Bessent’s chart on prices under Biden and Trump.
00:00 The Monday Brief – Did Trump and Putin Just Kill London’s Oil Game? – October 12, 2026
03:05 The Trump/Putin Trap
05:53 The Energy Wars and the City of London
07:24 Is A New Economic Order at Hand?
