Asian shares are mixed and oil prices fall about $1.50 as Trump says US will buy diesel from Russia

BANGKOK (AP) — Asian shares were mixed and oil prices fell about $1.50 a barrel Monday as U.S. President Donald Trump’s plan to purchase diesel from Russia drew criticism from some lawmakers.

U.S. stock futures gained more than 0.3% after Wall Street finished its record-setting week with gains. This week will bring updates on inflation and retail sales in the U.S. The biggest U.S. banks will report earnings from the most recent quarter.

In Asian trading, South Korea’s Kospi lost 3.1% to 6,416.17. Markets in Tokyo were closed for a holiday.

Hong Kong’s Hang Seng edged 0.2% higher to 24,253.70 and the Shanghai Composite index slipped 0.1% to 3,809.08.

In Australia, the S&P/ASX 200 surged 0.9% to 8,790.70.

Taiwan’s Taiex gave up 0.2% and the Sensex in India inched up 0.1%.

On Friday, the S&P 500 climbed 0.6% and the Dow Jones Industrial Average added 0.8%. The Nasdaq composite rose 0.6%.

Oil prices have continued to yo-yo because of uncertainty about when the war with Iran will allow the global energy industry to return to normal.

Trump shocked lawmakers when he announced on social media Friday that he struck a deal to buy Russian diesel with Russian President Vladimir Putin in a phone call, aiming to tamp down a spike in fuel prices ahead of the Nov. 3 U.S. midterm elections.

The president said Russia will immediately supply more than 300,000 tons of diesel to the American and global market, followed by an additional 500,000 tons in November and 1 million tons “immediately thereafter.” Russia will deliver an additional 3 million tons “within a short period of time” after that, he wrote.

The plan runs counter to U.S. efforts to cut the flow of money Russia gets from oil and gas sales that can be used to pay for its war against Ukraine. Trump’s announcement came just a few weeks after Congress passed legislation that directed Trump to impose substantial tariffs on the top importers of Russian oil or natural gas, with an exception for countries that import less than 15% of Russia’s natural gas exports and have taken significant steps to reduce those imports.

A bipartisan group of six senators called Sunday for the administration to “immediately reverse course” on the plan.

The price of Brent crude, the international standard, was down 1.4% at $103.31 per barrel early Monday. U.S. benchmark crude oil fell 1.7% to $90.31 per barrel.

Share prices have surged upward, supported by expectations of strong corporate profits, even as Americans say they’re feeling more squeezed by high inflation.

A preliminary report from the University of Michigan said Friday that U.S. consumers are raising their own forecasts for how bad inflation will be over the coming year. They’re expecting inflation of 4.7%, up from their forecast of 4.6% a month ago and just 3.4% in February before the war with Iran began. Sentiment among consumers is falling sharply for Americans with lower incomes and smaller investments in stocks, who can least afford the fast increases in the cost of living.

The pressure is on companies to deliver strong growth in profits after their stock prices ran toward records despite the downward push from high bond yields. This week will bring high-profile profit reports from big banks, including Citigroup, JPMorgan Chase and Wells Fargo all on Tuesday.

In other dealings early Monday, the U.S. dollar rose to 158.27 Japanese yen from 158.23 yen. The euro climbed to $1.1211 from $1.1191.