President Donald Trump announced Friday that Russian President Vladimir Putin agreed to “immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter.”

Trump said the agreement came after the two had a “highly successful discussion” with Putin. 

He added on Truth Social, “Additionally, based on the condition of their Diesel Refineries, Russia will then deliver, within a short period of time, 3,000,000 Tons of Diesel Fuel. Between our TOTAL CONTROL of the Strait of Hormuz, and this great announcement on Russian Energy, Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST! Lower prices for Americans, especially our Great Farmers, Ranchers, and Truckers, is my Greatest Priority.”

Diesel prices have soared because of the wars in Iran and Ukraine, and Trump has been urged by Republicans to bring costs down before the midterms in November.

On Friday, Trump said at the White House: “The prices will come tumbling, and it’s all going to be over soon one way or the other,” referring to the war in Iran. 

“They have no military. They have no navy, they have no air force, they have no anti-aircraft,” he said. “We took out yesterday 28 million barrels. I think we took out more than we’ve ever taken out at any other time, including before the war. The Hormuz Strait. The Navy, we put a blockade up, nobody gets through.”

Last month, several trucking and freight businesses filed for bankruptcy as diesel reached an average of $6.26 per gallon across the country.

This week, Trump also signed an executive order to allow the continued tax and penalty-free use of normally restricted red-dyed diesel.