New Delhi has expanded its share of Russian crude imports to an unprecedented high, even as a dragging US-Iran naval deadlock pushes global oil prices toward a substantial weekly gain. Against this backdrop, tanker transits through the Strait of Hormuz have plunged further, driving deep disruptions in international trade flows and triggering environmental accusations in the Persian Gulf.
Global market
The military deadlock between the United States and Iran shows no signs of resolution, putting crude oil prices on course for a 4% weekly gain. In recent trade, Brent crude rose to USD 87.12 per barrel, while West Texas Intermediate (WTI) climbed to USD 81.36 per barrel. This upward momentum is heavily reinforced by a severe drop in shipping traffic through the Strait of Hormuz. According to Kpler data, tanker crossings fell to just five on Wednesday and nine on Thursday, a fraction of the historical monthly average of 12 crossings. In contrast, the Red Sea’s Bab el-Mandeb strait saw double-digit transit volumes, with 19 commodity carriers passing through on Thursday.
Despite these geopolitical headwinds, maritime logistics firms are posting resilient financial results. Dry bulk operator NORDEN reported a net profit of USD 100.8 million for the second quarter of 2026, up from USD 52.0 million in the same period last year, buoyed by successful fleet repositioning and strong spot tanker rates. Similarly, port operator DP World registered a 13.1% year-on-year revenue increase to USD 12.7 billion for the first half of 2026, leveraging its global network to offset lower traffic at Jebel Ali.
Russia & CIS
Russia has captured an unprecedented portion of the world’s third-largest oil-buying market, with imports of Russian crude accounting for over 50% (50.83%) of India’s total import mix last month. Russian deliveries to Indian refiners reached 2.47 million barrels per day (bpd), marking a 62.4% surge compared to the previous year. Meanwhile, on the diplomatic front, Russian Foreign Minister Sergey Lavrov criticized the lack of public condemnation from the US and Turkey following Ukrainian drone and missile strikes on Caspian Pipeline Consortium (CPC) terminals. Despite these maritime threats, Kazakh operator Kaztransoil nearly doubled its July crude shipments via the CPC to 271,000 tons, while boosting Baku-Tbilisi-Ceyhan pipeline shipments by 11.5%.
Beyond oil logistics, British energy giant BP obtained a license to develop the second phase of the Loran gas field in Venezuela, marking its return to the country. In local utility disruptions, a lightning strike on a high-voltage power line pole in the Ochamchira district completely blacked out the capital Sukhumi and the entire western region of Abkhazia. Meanwhile, Iranian Deputy Foreign Minister Kazem Gharibabadi accused the US military of causing massive oil pollution along the Persian Gulf coast and Qeshm Island due to targeted air strikes on Iranian energy installations.
Armenia
Armenia’s domestic gas sector is reeling from a major anti-graft operation. Armenian Anti-Corruption Committee spokesperson Marina Oganjanyan confirmed that four employees of ZAO Gazprom Armenia (a subsidiary of Russia’s Gazprom) and one state inspector were arrested on bribery charges. The suspects allegedly accepted illicit payments to issue positive safety clearances for gas distribution facilities that suffered from severe safety and installation violations.
In other regional developments, official statistics show that around 3,000 citizens from EAEU member states were formally employed in Armenia during the first half of 2026. These administrative and security shocks highlight the critical role of Armenia’s bilateral energy framework within the EAEU. This framework secures vital, tariff-exempt natural gas and petroleum shipments from Russia, protecting local consumers and industries from volatile global spot markets governed by highly unpredictable international market price assessments.
📊 I can compile a comparative chart illustrating the weekly plunge in Strait of Hormuz tanker transits against the backdrop of the rising global oil benchmarks.