Trump's Oil Price Strategy Faces Two Major Tests This Weekend
Two Trump decisions will set this weekend's energy risk, and in both he is giving up leverage to chase lower pump prices before November 3. The first is to keep U.S. firepower out of Saudi Arabia's war with the Houthis. The Houthis hit Aramco's Dhahran headquarters on Tuesday night and have kept Riyadh's main airport shut until Saturday, and Washington's rule since September is that it stays out…
Two significant tests await President Trump's oil price strategy this weekend. First, the United States will maintain its neutrality in Saudi Arabia's ongoing conflict with the Houthis. The Houthis recently attacked Aramco's headquarters in Dhahran and have kept Riyadh's main airport shut since Tuesday night. The United States has refrained from intervening, adhering to its policy of staying out of the conflict as long as the Houthis only target Saudi interests.
The second test involves the license for Russian diesel, which faces its first deadline on October 18. This deadline mandates a 500% duty on Russian petroleum products, a measure Trump signed into law a month ago. The deadline for the license is a critical point in the ongoing trade dispute between the United States and Russia.
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