October ICE Brent crude futures surged past USD 90 per barrel as failed peace negotiations between the US and Iran escalated geopolitical supply concerns. Meanwhile, Libya warned of a potential force majeure on its oil exports after drone attacks damaged key terminal infrastructure.
Global market
Brent crude prices exceeded USD 90 per barrel for the first time since late July, while West Texas Intermediate climbed in tandem as unsuccessful diplomatic efforts between the US and Iran heightened geopolitical risks. Compounding this market tightness, Libya’s National Oil Corporation (NOC) announced it may declare force majeure on exports from the Zawya oil terminal. The terminal, which has a daily transit capacity of 120,000 barrels and processes crude from the nation’s largest oil field, Sharara (capable of producing up to 300,000 barrels daily), suffered severe damage after drone strikes destroyed an oil storage tank and targeted a blending facility.
Additionally, JP Morgan reported that global orders for power-generating gas turbines reached a record 38 GW in the second quarter of 2026, registering a 29% increase quarter-on-quarter and a 71% surge compared to the same period last year. German manufacturer Siemens Energy led the industry by booking 12.5 GW in new turbine orders. Meanwhile, the Coordination Network of EU grid operators warned that an upcoming solar eclipse is expected to temporarily cut the bloc’s solar power generation by 10 GW.
Russia & CIS
To guarantee domestic fuel market stability, the Russian government extended its reduced 10% gasoline sales quota on commodity exchanges until December 31, 2026, prolonging a relief measure originally scheduled to expire on September 30. In corporate developments, Russian chemical producer KuibyshevAzot assumed 100% ownership of Praxair Rus, a local subsidiary formerly owned by German industrial gas giant Linde, under a debt recovery ruling linked to a gas processing project in Ust-Luga. Meanwhile, Russian Federal Security Service (FSB) Director Alexander Bortnikov reported that domestic intelligence agencies have prevented 66 sabotage and terrorist attempts targeting transportation and fuel-and-energy facilities since the start of the year.
On the trade front, Mongolian Minister of Industry and Mineral Resources Gongoryn Damdinyam announced a new agreement with Moscow to increase Russian aviation fuel and gasoline exports to Mongolia. At the same time, Zaporizhzhia Nuclear Power Plant Director Yuri Chernichuk warned that food prices in Enerhodar have risen sharply due to regional road mining and attacks on local retail outlets. Additionally, Russian President Vladimir Putin praised the high-tech achievements of Gazprom Neft during a working review.
Armenia
Yerevan is facing renewed diplomatic pressure to define its long-term economic alignment. Russian Deputy Foreign Minister Mikhail Galuzin stated that the EAEU expects Armenia to announce a nationwide referendum regarding EU integration or EAEU membership by December 2026, warning that EAEU leaders will factor Armenia’s indecision into future alliance planning. While Armenian Prime Minister Nikol Pashinyan previously noted that a vote would not occur before Armenia receives official EU candidacy status, Armenian MP Sargis Khandanyan confirmed that the government’s upcoming cabinet program will explicitly reflect Armenia’s continued participation in the EAEU.
This continued participation remains economically vital, as Russian Prime Minister Mikhail Mishustin emphasized that the current momentum of Eurasian integration will continue to accelerate economic growth across all EAEU member states. For Armenia, long-term EAEU trade protocols ensure a reliable supply of Russian petroleum products and natural gas. These stable bilateral frameworks insulate the domestic retail market, shielding local consumers and businesses from severe price fluctuations on the spot market governed by volatile international market price assessments.
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