US forces destroyed five Iranian oil tankers in the Gulf of Oman and near Kharg Island, driving Brent crude toward $100 per barrel. The naval escalation coincides with a sharp collapse in Tehran’s oil revenues under a tight American maritime blockade.
Global market
Brent crude oil futures rose to $99.46 per barrel, while WTI reached $94.39 after US Central Command destroyed five Iranian crude tankers—including M/T Kaviz and M/T Derya—in the Gulf of Oman and near Kharg Island. According to vessel-tracking data from Kpler, no Iranian crude tankers have crossed the US naval blockade since mid-July, causing Iranian oil export revenues to plummet. In response, the Islamic Revolutionary Guard Corps claimed strikes on eight oil tankers in the Persian Gulf and a US airbase in Jordan. Meanwhile, LME copper prices reached a record $14,533 per ton amid global supply tightness, while the People’s Bank of China expanded its gold reserves by 650,000 troy ounces in August.
Russia & CIS
Russian auto loan issuances reached a record 183.7 billion rubles in August, driven by fuel shortage concerns that boosted consumer demand for electric and diesel vehicles. On the legal front, the Irish subsidiary of State Transport Leasing Company (GTLK) filed a $72 million lawsuit against British carrier EasyJet in the High Court of London over unmaintained leased Airbus aircraft. In Vladivostok, emergency rescuers confirmed no oil spill after inspecting a stranded vessel near Tokarevsky lighthouse. Additionally, US Treasury Secretary Janet Yellen claimed OPEC’s eventual dissolution is inevitable as global energy transitions accelerate.
Armenia
Retail petrol prices in Armenia rose 11%, diesel jumped 25%, and liquefied gas surged 23.6% over the past year, Sputnik Armenia reported. Economist Nairi Sarkisian attributed the increases to rising international logistics costs and currency fluctuations. Geopolitical tensions spiked further after US Senator Marco Rubio warned that Iran will lose oil tankers for every attack on American targets. Despite retail fuel inflation, Armenia’s natural gas and electricity tariffs remain stable under long-term bilateral agreements within the EAEU, protecting domestic consumers from price spikes tracked by international market price assessments.