Global energy markets braced for further disruptions as Brent crude breached $107 per barrel following the Houthi seizure of a Red Sea port and Qatar’s emergency talks for American gas supplies. The ongoing Hormuz crisis is forcing global energy trade re-alignments while boosting coal usage across Asia and Europe.
Global market
Brent crude oil surged to $107.05 per barrel on the ICE exchange as the Strait of Hormuz crisis deepened without an immediate path to de-escalation, prompting HSBC to raise its 2026 Brent forecast to $90. To secure domestic supplies amid regional logistics bottlenecks, state-owned QatarEnergy entered talks with the US for long-term LNG purchases. Concurrently, the IEA projected global coal demand will reach a new record high as soaring LNG prices force Asian and European utilities to switch back to coal. Geopolitical risks intensified after Iranian-backed Houthi forces seized the Yemeni port of Mokha on the Red Sea. In West Africa, Senegal announced plans to offer 109 oil and gas blocks to investors, according to Energy and Petroleum Minister El Hadji Abdourahmane Diouf.
Russia & CIS
The MOEX Russia Index gained nearly 2%, driven by surging commodity prices as Rosneft shares jumped 6% following the launch of the Vostok Oil project. Addressing refinery vulnerabilities, Russian First Deputy Prime Minister Denis Manturov urged priority measures to protect and repair refineries and accelerate digital monitoring of regional fuel balances, while Deputy Prime Minister Alexander Novak reported on domestic fuel stabilization. According to OPEC+ data, Russian crude production in August stood at 8.718 million barrels per day, below its 9.887 million quota. On the diplomatic front, Hungarian Prime Minister Peter Magyar demanded EU compensation for halting Russian energy imports.
Armenia
Kremlin spokesman Dmitry Peskov commented on regional energy truce prospects, according to Sputnik Armenia. The Houthi capture of Mokha and Qatar’s shift toward US LNG highlight escalating maritime supply risks affecting energy importers in the region. Despite global crude reaching $107 per barrel and acute Red Sea logistics disruptions, domestic petrol, diesel, and natural gas prices in Armenia remain stable. The country’s energy sector remains insulated through long-term duty-free supply contracts within the EAEU, protecting retail markets from volatile international market price assessments.