European natural gas prices topped $1,000 per 1,000 cubic meters for the first time since 2022 as Brent crude breached $105 per barrel amid Middle East shipping turmoil. Escalating naval conflicts drove tanker freight rates to record highs and prompted global shipping bodies to warn of systemic trade risks.
Global market
Brent crude futures rose to $105.04 per barrel, while US WTI passed $100 for the first time since May as Saudi Arabian output fell to its lowest level since 1990. Soaring maritime risks in the Strait of Hormuz drove tanker freight rates to record highs. In response, OPEC+ members increased crude production by 630,000 barrels per day in August, excluding exempt nations. Meanwhile, French major TotalEnergies announced the Acacia-5 oil discovery offshore Angola, planning first production in just three months via the Pazflor FPSO. Concurrently, cumulative global clean hydrogen investments topped $130 billion, while Indian Prime Minister’s Office Adviser Tarun Kapoor urged expanded domestic biofuel production to cushion oil price shocks.
Russia & CIS
Russia accounted for 56% of India’s crude imports in July, remaining the nation’s top supplier according to an OPEC report. Meanwhile, Russian Energy Minister Sergey Tsivilev announced expanded oil, gas, and coal exports to APEC economies. In economic integration, EAEU and Indian negotiators agreed to finalize free trade agreement talks in the shortest timeframe. In academic research, scientists at Gubkin Russian State University of Oil and Gas called for revising Soviet-era Western Siberian oil reserve estimates, arguing they are overstated. In aviation manufacturing, United Aircraft Corporation General Director Vadim Badekha announced plans to sign an agreement with India’s HAL by year-end 2026 to localize Sukhoi Superjet 100 production in India.
Armenia
Russian fuel supply strains caused aircraft refueling restrictions at 26 airports across Russia, news.am reported. These logistics bottlenecks, combined with Bank of America warnings of crude potential reaching $120 per barrel, create indirect supply chain risks for Armenia’s transport system. However, domestic fuel market stability remains anchored by Armenia’s membership in the EAEU. Long-term duty-free agreements for Russian natural gas and refined products continue to insulate domestic retail fuel prices from volatile international market price assessments.