Senate Minority Leader Chuck Schumer (D-N.Y.) said Tuesday that President Donald Trump blaming Ukraine for record diesel prices, the same day it emerged that a Russian oligarch with ties to President Vladimir Putin paid for Donald Trump Jr.'s wedding celebration, is evidence that the Trump family is "in Putin's pocket."

'Trumps Are in Putin's Pocket'

Schumer said the timing was telling, saying the news broke the same day Trump pointed the finger at Ukraine rather than the U.S.'s war with Iran.

"The Trump family's corruption could not get any more shameless," Schumer said, adding that this was "evidence that the Trumps are in Putin's pocket."

On Monday, he called the blame on Ukraine Trump "newest LIE," arguing Americans already understand it's Trump's own war with Iran driving up costs.

Trump Says Ukraine's Strikes Are 'Hurting The World'

On Sunday, Trump told reporters in Ireland that Ukrainian President Volodymyr Zelenskyy needs to stop hitting Russian diesel fuel.

He argued the diesel shortage stemmed from the Russia-Ukraine conflict rather than the Middle East, and said Ukraine still had "plenty of other targets" available besides Russian fuel infrastructure.

Prices Keep Climbing

The national average for gasoline hit $4.3289 a gallon Tuesday, up from $4.0704 a month ago and $3.1777 a year ago, according to AAA.

Diesel set a fresh all-time high of $6.2694 a gallon, up from $3.6858 a year earlier.

At the time of writing, Brent crude prices were down 0.41% at $108.02, while WTI futures were down 0.13% at 104.74.

Goldman Sachs has warned Brent crude could stay above $100 a barrel through the rest of 2026 if the Strait of Hormuz remains shut for another month.

The Inflation Math Is About To Get Worse

Economist Justin Wolfers told CNN last week that fuel prices, diesel, heating oil and jet fuel alike, are climbing rapidly as the Iran conflict continues, moving quickly from the pump into airline fares and, over time, into everyday goods as businesses stop treating the increases as temporary.

He said the deficit is now the largest it's been outside a war or recession in the post-war period, and that there's "no appetite whatsoever for reducing the amount of borrowing."

The Federal Reserve will announce its interest rate decision Wednesday, with the odds of a hike at 92.4%, according to the CME FedWatch tool.

The economist said the run-up in energy prices is another reason for the pressure on Fed Chair Kevin Warsh and the Fed to raise rates, as it leaves the Fed "a little less optimistic today that inflation's under control."

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.