Donald Trump has announced that he has made a deal with Vladimir Putin that will allowing Russia to “immediately release” diesel into the global market.

Trump said on Truth Social the Russian President agreed to release 300,000 tonnes of diesel immediately, followed by 500,000 tonnes in November and another million after that.

He wrote: “Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!”

It comes after diesel prices in the US doubled since the war with Iran began in February, over the conflict causing global supply issues.

The shortage has put pressure on Republicans ahead of the midterm elections due to the rising cost of living in the country.

This breaking news story is being updated.