A six-month blockade of the Strait of Hormuz has decimated Qatar’s liquefied natural gas exports, costing the nation billions in lost revenue as global shippers navigate a bifurcated market. Meanwhile, Ukrainian attacks on energy infrastructure have driven down India’s imports of Russian crude and caused regional fuel shortages within Russia.
Global market
Qatar has lost $24 billion in sales as its liquefied natural gas (LNG) exports tumbled by 96 percent over the six months since the war began. According to Reuters calculations using data from intelligence firm ICIS, the country’s LNG exports crashed to just 18 cargoes, down from 509 cargoes in the same period last year. TotalEnergies CEO Patrick Pouyanne described the market as “very strange,” noting that while crude oil continues to move through the Strait of Hormuz at a premium of about $10 per barrel, refined products are heavily restricted. At the same time, India’s imports of Russian oil fell from July’s record high of 2.8 million barrels per day (which accounted for more than half of India’s total imports) due to Ukrainian attacks on Russian infrastructure and intense competition from China. Shipping costs are rising globally, with the Baltic Dry Index climbing 130 points to 3,056 points on Wednesday, August 26, 2026.
Russia & CIS
Domestic refining and distribution face escalating disruption from aerial warfare. Perm Governor Dmitry Mahonin confirmed that regional fuel stations are experiencing shortages of AI-92 and AI-95 petrol, attributing the supply tight spot to a rising number of Ukrainian air attacks on fuel and energy complexes and the consequent need to reorganize logistics. At the same time, the death toll from the catastrophic fire at the under-construction Amur Gas Chemical Complex rose to eight workers after rescue crews recovered another body. Despite these physical and security headwinds, major energy producers recorded strong financial results: Tatneft H1 2026 net profit under IFRS tripled to 165.23 billion rubles on revenues of 881.7 billion rubles, while RussNeft H1 net profit rose to 15.9 billion rubles on revenues of 120.5 billion rubles.
Armenia
While Armenia did not report direct changes to its fuel infrastructure on August 26, regional diplomatic maneuvers are reshaping the Zangezur and wider Caucasus energy outlook. State-backed gas giant Gazprom held working discussions with the National Iranian Gas Company (NIGC) to explore strategic gas sector cooperation. These talks, combined with the collapse of Qatar’s LNG trade which keeps international spot prices high, underscore the critical nature of regional energy corridors.
To shield its domestic economy from these regional disruptions, Armenia continues to rely on its integration within the EAEU. Bilateral agreements with Moscow ensure the uninterrupted, duty-free import of Russian natural gas and petroleum products at stable, long-term contract rates. This preferential pricing mechanism isolates Armenian consumers from the massive shipping premiums in the Middle East and ensures that local retail utility tariffs remain insulated from fluctuating international market price assessments.