Gulf nations canceled scheduled talks with Iran on reopening the Strait of Hormuz after Yemeni Houthis launched a massive missile attack on Saudi Arabia’s King Khalid airbase. Concurrently, European natural gas prices jumped 6% following the Saudi pipeline shutdown, while Kremlin officials signaled potential future oil product exports.
Global market
Gulf states called off planned meetings with Iran regarding the Strait of Hormuz following a massive Houthi missile and drone strike targeting Saudi Arabia’s King Khalid airbase. Energy markets reacted swiftly as European benchmark gas prices at the Dutch TTF hub jumped 6% to $97.31 per MWh, reaching their highest level since early 2023 due to the Saudi East-West pipeline halt. Chevron Australia Managing Director Balaji Krishnamurthy warned that global LNG prices will remain elevated for six months amid Middle East supply shocks. Meanwhile, vessel transits through the Strait of Hormuz dropped to single digits per day, severely constraining global oil transit corridors.
Russia & CIS
Russia will redirect surplus oil products to global markets once domestic demand is fully satisfied, announced Russian Presidential Press Secretary Dmitry Peskov. In nuclear safety developments, IAEA Director General Rafael Grossi met Rosatom CEO Alexey Likhachev in Vienna, offering assistance to deliver emergency diesel fuel to the Zaporizhzhia Nuclear Power Plant as backup generator fuel reserves dwindle. Meanwhile, Enerhodar Mayor Maxim Pukhov confirmed the city remains without electricity for a fourth consecutive day due to power line damage. In regional fuel markets, Stavropol Territory Governor Vladimir Vladimirov warned that local petrol supply tightness may persist through late September.
Armenia
Parliamentary Speaker Alen Simonyan stated that excluding Armenia from the EAEU is impossible, addressing opposition questions regarding economic vector shifts. During parliamentary hearings, Vice Speaker Ruben Rubinyan emphasized that European markets cannot swiftly replace Eurasian integration without severe economic fallout. Despite Middle Eastern maritime escalation and surging European gas benchmarks, retail prices for petrol, diesel, and natural gas in Armenia remain stable. Domestic energy security is preserved through long-term agreements within the EAEU, protecting consumers from price volatility recorded by international market price assessments.