{"id":73207,"date":"2026-10-18T17:08:10","date_gmt":"2026-10-18T21:08:10","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-signals-peace-progress-amid-ukraine-refinery-criticism-tanker-explodes-in-hormuz\/73207\/"},"modified":"2026-10-18T17:08:10","modified_gmt":"2026-10-18T21:08:10","slug":"trump-signals-peace-progress-amid-ukraine-refinery-criticism-tanker-explodes-in-hormuz","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-signals-peace-progress-amid-ukraine-refinery-criticism-tanker-explodes-in-hormuz\/73207\/","title":{"rendered":"Trump Signals Peace Progress Amid Ukraine Refinery Criticism; Tanker Explodes in Hormuz"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>President Trump claims &quot;great progress&quot;<\/strong> in peace and hostage negotiations between Russia and Ukraine, though he declined to sign a formal document to avoid driving Moscow from the table.<\/li>\n<li><strong>Global diesel markets face disruption<\/strong> as Trump sharply criticizes Ukrainian President Volodymyr Zelenskyy for targeting Russian refineries, calling the strikes a &quot;disgrace&quot; that hurts U.S. consumers.<\/li>\n<li><strong>A major oil tanker exploded<\/strong> in the Strait of Hormuz after striking a naval mine, with Iran\u2019s <strong>IRGC Navy<\/strong> declaring the strategic waterway &quot;closed&quot; to unauthorized traffic.<\/li>\n<li><strong>U.S. diesel prices remain elevated<\/strong> at approximately <strong>$6.18 per gallon<\/strong>, a significant increase from <strong>$3.48<\/strong> at the start of the year, fueling domestic political pressure ahead of midterm elections.<\/li>\n<\/ul>\n<h2>Trump Slams Zelenskyy Over Energy Strikes<\/h2>\n<p>President <strong>Donald Trump<\/strong> has launched a verbal broadside against Ukrainian President <strong>Volodymyr Zelenskyy<\/strong>, accusing him of intentionally destabilizing global energy markets. Trump stated that Ukraine\u2019s continued drone strikes on Russian diesel refineries are a &quot;disgrace&quot; and argued that Zelenskyy &quot;does not want to end the war.&quot; The U.S. President emphasized that these attacks directly impact American farmers, ranchers, and truckers by driving up fuel costs.<\/p>\n<p>The criticism comes as the White House attempts to manage a delicate &quot;diesel deal&quot; with Moscow. Under this arrangement, the U.S. has eased some sanctions to allow <strong>3 million tons<\/strong> of Russian diesel to enter global markets. Trump maintains that while Russia is willing to provide low-cost fuel, Ukrainian military actions are undermining these efforts and prolonging the conflict.<\/p>\n<h2>Peace Negotiations and the &quot;Iran Factor&quot;<\/h2>\n<p>Despite the friction with Kyiv, Trump announced via <strong>Truth Social<\/strong> that he is making significant headway in mediating a settlement. He noted that &quot;great progress&quot; is being made in both peace talks and sensitive hostage negotiations. However, Trump signaled a cautious diplomatic approach, stating that signing a formal Russia-related document now could be premature and might &quot;foolishly&quot; push Moscow away from the bargaining table.<\/p>\n<p>A critical component of these talks involves Russia\u2019s relationship with Tehran. Trump asserted that Russia &quot;must stay away from Iran support,&quot; noting that Moscow is currently doing &quot;very little&quot; to assist the Islamic Republic. Analysts suggest that keeping Russia distanced from Iran is a primary strategic objective for the administration as it seeks to stabilize the Middle East and Eastern Europe simultaneously.<\/p>\n<h2>Maritime Crisis in the Strait of Hormuz<\/h2>\n<p>The energy landscape grew even more volatile on Sunday following reports from Iran\u2019s <strong>Islamic Revolutionary Guard Corps (IRGC) Navy<\/strong> regarding a maritime disaster. An oil tanker carrying over <strong>2 million barrels<\/strong> of <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> reportedly caught fire and exploded after hitting a naval mine in the <strong>Strait of Hormuz<\/strong>. The IRGC claimed the vessel was using an &quot;unauthorized route&quot; and had deactivated its tracking systems to bypass Iranian regulations.<\/p>\n<p>This incident has led the IRGC to declare the Strait of Hormuz\u2014a chokepoint responsible for roughly <strong>20% of global oil consumption<\/strong>\u2014effectively closed to &quot;violating&quot; vessels. The escalation in the Persian Gulf, combined with the ongoing refinery strikes in Russia, has sent shockwaves through energy sectors, impacting the Energy Select Sector SPDR Fund (<a href=\"\/stock\/XLE\">XLE<\/a>) and major producers like Exxon Mobil (<a href=\"\/stock\/XOM\">XOM<\/a>) and Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways President Trump claims &quot;great progress&quot; in peace and hostage negotiations between Russia and Ukraine, though he declined to 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