Morning Bid: Diesel diplomacy

Diesel dominated the recent weekend of world politics, with confusion surrounding the United States' decision to temporarily lift sanctions on Russian diesel exports. Despite US President Trump's push for the move, the effects of the sanctions waiver seem unlikely to significantly impact US diesel prices due to the country's status as a net exporter.

Additionally, Ukraine claims that Russia has not observed any ceasefire on its energy infrastructure, despite Kyiv's openness to the deal. The conflict between Iran-backed Houthis rebels in Yemen and US-backed Saudi Arabia has intensified, with several deadly strikes on Riyadh airport. Meanwhile, the US Treasury bond market is closed for Columbus Day, and the International Monetary Fund and World Bank meetings commence in Bangkok.

The upcoming week holds several significant events, including the release of the September CPI inflation report, the start of the third-quarter earnings season for major US banks, and an AI conference in Dublin.