Suez Canal revenues climbed 42% as global shipping lines diverted tankers to avoid growing Red Sea security threats. This surge comes as European natural gas prices hit a three-year high and Armenia formally lodged a trade complaint within the Eurasian Economic Union.
Global market
Suez Canal transit revenues jumped 42% year-on-year to $505 million in July, up from $355 million in July 2025, according to the Egyptian statistics agency CAPMAS. The number of transiting vessels soared 27% to 1,340 as operators shifted shipping lanes. Meanwhile, China’s crude oil imports rebounded for a second consecutive month in August, rising 6.2% month-on-month to 8.93 million barrels per day, customs data showed on Tuesday. Despite higher flows, Vitol Group Chief Executive Russell Hardy told an industry conference in Singapore that global fuel markets remain ‘tight and inflexible.’ In South America, Argentina initiated a lawsuit against Israeli operator Navitas Petroleum over unlicensed drilling off the Falkland Islands.
Russia & CIS
European natural gas prices climbed 2.7% to their highest level since January 2023 as winter stock-building accelerated. In response to domestic price volatility, Russian Deputy Prime Minister Alexander Novak ordered the Federal Antimonopoly Service and Ministry of Energy to establish pricing agreements with independent refineries and private gas stations. The regulator has already opened 51 cases and issued 81 warnings for unjustified fuel price hikes, forcing domestic oil companies to postpone refinery maintenance to boost supply. Elsewhere, Iraqi Oil Minister Basem Mohammed Khudair committed to OPEC+ limits of 4.2 million barrels per day, while Albania blocked an oil tanker suspected of carrying Russian crude.
Armenia
Armenia has filed an official complaint with the EAEU over Russian trade restrictions, which Yerevan claims violate the economic union’s core principles, according to Armenia’s Deputy Minister. This dispute arises as Armenia’s Ministry of Foreign Affairs declared that diversifying energy sources is a vital national security priority for the republic. In Yerevan, the National Assembly’s parliamentary commission discussed ratifying a free trade agreement between the EAEU and Indonesia. While trade and diplomatic tensions persist, domestic retail prices for petrol, diesel, and natural gas in Armenia remain fully stable, insulated by long-term EAEU bilateral gas supply contracts that shield consumers from the volatility seen in international market price assessments.