Good afternoon. The high price of oil with just three weeks to go before the midterm elections has constrained the White House as it faces two teetering foreign-policy crises.
Houthis missiles hit two terminals at Saudi Arabia's main airport on Saturday, killing at least 12 people and injuring hundreds more.
Despite Saudi requests for U.S. help following escalating attacks by the Iran-backed Houthis, the White House has refused-so far-to directly engage militarily. President Trump said Saturday the U.S. could join the Saudis in strikes against the Houthis. But U.S. involvement might draw the Houthis to attack more ships moving through the Bab al-Mandeb Strait, which would further drive up the price of oil. By standing back, the Houthis have been focusing their missile attacks more squarely on Saudi Arabia, a close U.S. ally that is now left to fend for itself.
While this crisis was unfolding on Saturday, President Trump called for the ouster of Ukrainian President Volodymyr Zelensky. Then, on Sunday, he surprised the world by announcing that both Ukraine and Russia would observe a ceasefire on strikes on each other's energy sites (he has announced a similar ceasefire before, and it didn't last). Ukraine has indicated that it would support a new ceasefire, but Russia hasn't commented publicly.
Trump has alleged that Ukraine's attacks on Russian energy targets are why global diesel prices are so high. Before the conflict with Iran, the Middle East was the top exporter of diesel, The Wall Street Journal has reported.
Diesel prices in the U.S. were $6.28 on Sunday, according to AAA, up from $3.67 one year ago, something most analysts attribute to the war in Iran.
"I think it's time for Ukraine to get a new president," Trump told reporters Saturday. Regarding Ukraine's airstrikes against Russia, Trump said of Zelensky, "He better damn well stop."
On Friday, Trump rolled back sanctions against Russia to make it easier for them to sell oil and announced a limited energy deal with Russia. Zelensky was sharply critical, alleging the move would only embolden Russia to kill more people in Ukraine.
When Trump launched the Iran war on Feb. 28, he estimated it would last four or five weeks. That hasn't proved to be accurate. And now a global energy mess is spiraling and ensnaring more countries. This isn't helping Republican candidates at the polls, and it's causing new friction between the U.S. and a growing number of allies abroad.
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About Me
I'm Damian Paletta, The Wall Street Journal's Washington coverage chief. I've covered Washington for 22 years as a reporter and editor. I've covered the White House, Congress, national security, the federal budget, economics and multiple market meltdowns. WSJ Politics brings you an expert guide to what's driving D.C., every weekday morning. Send your feedback to politics@wsj.com (if you're reading this in your inbox, you can just hit reply). This edition was curated and edited in collaboration with Joe Haberstroh. Got a tip for us? Here's how to submit.
This article is a text version of a Wall Street Journal newsletter published earlier today.