Iran’s Islamic Revolutionary Guard Corps announced that a commercial supertanker caught fire after striking naval mines in the Strait of Hormuz, raising maritime security threats to critical trade choke points. Concurrently, high spot prices have triggered a major decline in Chinese liquefied natural gas imports, while New Delhi significantly reduced its purchases of Russian crude.
Global market
Iran’s Islamic Revolutionary Guard Corps (IRGC) reported that a commercial supertanker caught fire after hitting two naval mines in the Strait of Hormuz. The IRGC warned that vessels violating its security rules would face the same fate. Meanwhile, China’s liquefied natural gas (LNG) imports are on track to slump by 18% in August as skyrocketing Asian spot prices deter industrial buyers. In South Asia, India reduced its imports of Russian crude to 2.1 million barrels per day (mbpd) in August, down from 2.6 mbpd in July, according to intelligence firm Kpler. Concurrently, Singapore’s fuel oil inventories dipped 2% in August to 18.62 million barrels.
Russia & CIS
On the Saint Petersburg exchange, wholesale prices for AI-95 petrol jumped 4.73%, exceeding 80,000 rubles per tonne on August 31. In response, Deputy Prime Minister Alexander Novak ordered tighter price controls at independent gas stations. To stabilize the market, Crimean Head Sergey Aksenov capped retail AI-95 prices at 100 rubles per litre starting September 1, while Kaluga Governor Vladislav Shapsha canceled the even-odd rationing system. Additionally, EU High Representative Kaja Kallas reported that the MV SUN, a Russian shadow-fleet tanker, was seized in the Mediterranean.
Armenia
While direct energy announcements in Armenia were absent on August 31, regional maritime disruptions and the mining of a supertanker by Iranian forces in the Strait of Hormuz heighten regional security risks. Despite this volatility, retail petrol, diesel, and natural gas prices in Armenia remained completely stable. The country’s energy security remains anchored by its integration within the EAEU. Strategic agreements with Moscow guarantee duty-free and uninterrupted imports of Russian natural gas and petroleum products at long-term fixed rates. This non-market framework fully insulates domestic consumers and utility tariffs from the price volatility recorded in international market price assessments.