2 hrs ago
Trump Blames Ukraine Refinery Strikes for Rising Oil Prices
US President Donald Trump said attacks by Ukraine on Russian oil refineries are helping push up gasoline prices.
He argued that oil shipments through the Strait of Hormuz have recovered, so the Iran war is no longer the main reason.
Ukraine says its attacks have knocked out 51% of Russia's refining capacity.
Russia's president said the damage has affected the country's economy.
But Amin Nasser of Saudi Aramco warned that the amount of oil ready for use around the world is very low.
G7 countries and the International Energy Agency agreed to release 100 million barrels of crude oil and diesel.
Nasser said those emergency supplies can help for a while but cannot solve long-term supply problems.
Donald Trump said Ukrainian attacks on Russian refineries, rather than the Iran war, are now driving up gasoline prices.
Trump said oil flows through the Strait of Hormuz had recovered and criticized refinery closures in Democratic-led states, including California.
Ukraine's Defence Ministry said strikes had disabled 51% of Russia's oil refining capacity.
Vladimir Putin said the attacks had cost Russia about 1% of GDP and had achieved their goal only partially.
Saudi Aramco chief Amin Nasser warned that readily available global oil inventories were very low; G7 countries and the IEA agreed to release 100 million barrels.
- Who
- US President Donald Trump, Ukraine's Defence Ministry, Russian President Vladimir Putin, and Saudi Aramco chief Amin Nasser.
- What
- Trump blamed Ukrainian attacks on Russian oil refineries for rising gasoline prices, while an oil industry executive warned that global inventories were low.
- Where
- The United States, Russia, and global oil markets; Ukraine reported strikes on facilities in several Russian locations.
- When
- October 5, 2026; Putin discussed the economic impact on October 1.
- Why
- Trump said refinery damage and closures were driving prices after oil flows through the Strait of Hormuz recovered; Nasser cited the US-Iran war and thin available inventories as continuing supply concerns.
Trump's Explanation
Broader Supply Concerns
What is driving higher fuel prices
Trump's Explanation
Trump said the Strait of Hormuz was no longer the cause because oil flows had recovered, and pointed instead to Ukrainian strikes on Russian refineries and closures in states such as California.
Broader Supply Concerns
Amin Nasser warned that the US-Iran war continued to pressure energy supplies and that readily available global oil inventories were very low.
How much relief reserves can provide
Trump's Explanation
G7 countries and the International Energy Agency agreed to release 100 million barrels of crude and diesel to ease supply concerns.
Broader Supply Concerns
Nasser said emergency reserves could provide only temporary relief and could not resolve long-term supply problems.
Key facts
- Trump's explanation
- He blamed Ukrainian attacks on Russian refineries and refinery closures in Democratic-led states.
- Ukraine's reported impact
- Ukraine's Defence Ministry said strikes had disabled 51% of Russia's oil refining capacity.
- Putin's estimate
- He said the refinery attacks had cost Russia about 1% of GDP.
- Global inventories
- Amin Nasser said less than 10% of reported reserves were readily available.
- Agreed release
- G7 countries, working with the International Energy Agency, agreed to release 100 million barrels of crude and diesel.
- Strait of Hormuz
- The article says Middle East oil exports excluding Iran had recently risen above pre-war levels.
Quotes
Vladimir Putin
Russian president discussing the economic effects of Ukrainian attacks.
“What’s driving up Gasoline is no longer the Strait of Hormuz, because Record Numbers of Barrels are coming out now on an almost daily basis, but the word, “Refineries,” where Russia’s are being blown up by Ukraine, and where ours are being closed up, in Blue States, like California, by the Dumocrats”
news18.com
“They started attacking oil refineries and openly declared the goal of damaging our economy. Did they achieve their goal? Partially”
news18.com
Sources
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