Donald Trump has announced an agreement with Vladimir Putin for the immediate and gradual supply of millions of tonnes of Russian diesel to the US and global markets, following a telephone conversation with the Russian president.

In a post on Truth Social, the US president described the conversation as “extremely successful”, claiming that the agreement, combined with what he says is US control over the Strait of Hormuz, would lead to a rapid and dramatic reduction in diesel prices, both for American consumers and internationally.

According to Trump’s announcement, Russia has agreed to immediately supply more than 300,000 tonnes of diesel to the US and global markets, with a further 500,000 tonnes expected to be delivered during November.

He said another one million tonnes would follow, without specifying an exact timetable, while Moscow has reportedly committed to delivering an additional three million tonnes within a short period, depending on the condition of Russian refineries.

If all the volumes outlined by the US president are delivered, total supplies would exceed 4.8 million tonnes of diesel.

Trump directly linked the agreement to efforts to bring down energy costs, placing particular emphasis on the impact of high diesel prices on agriculture and transportation.

“Thanks to our TOTAL CONTROL of the Strait of Hormuz and this great announcement regarding Russian energy, diesel prices for Americans and, indeed, for the entire world, will DROP, TO RECORD LOWS, AND QUICKLY!” he wrote.

He also stressed that securing lower prices was a key priority for his administration, particularly for farmers, ranchers and truck drivers, whose operations depend directly on fuel costs.

He concluded with another categorical statement on Tehran’s nuclear programme. “Additionally, it must be understood that Iran will not have a nuclear weapon!” Trump said, reiterating his position that Washington would not allow the Tehran regime to acquire a nuclear arsenal.

The announcement comes at a time of intense pressure on the US fuel market. According to Reuters, diesel prices in the United States have risen by approximately 70% since the start of the war with Iran, reaching $6.28 per gallon.

The US administration is seeking ways to ease the pressure on fuel costs, with fewer than four weeks remaining until the November 3 midterm elections.