Crude oil prices topping $100 per barrel and record US diesel rates of $6 per gallon have reignited global inflation alarms. Concurrently, US refiner stocks surged as global fuel supply deficits reached 7 million barrels per day, while Russian crude exporters shifted seaborne transport to Hong Kong fleet operators.
Global market
Crude oil prices exceeding $100 per barrel placed central banks on high inflation alert, while US retail diesel hit a record $6 per gallon. Rising fuel deficits of over 7 million barrels per day propelled shares of US refiners Phillips 66, Valero Energy, and Marathon Petroleum to more than double in 2026. In shipping, Clarksons Research reported all-time high crude tanker rates following Middle East disruptions. Meanwhile, Saudi Energy Minister Prince Abdulaziz bin Salman announced discovering 110 million tonnes of uranium-bearing ore in Medina. Additionally, US President Donald Trump repealed emission limits for power plants, while Africa’s largest refinery Dangote offered a 3% stake for $2.1 billion, refinery founder Aliko Dangote stated.
Russia & CIS
Russian crude exporters shifted seaborne oil transport to Hong Kong-operated tankers in August, replacing Greek shipping firms that withdrew from Black Sea routes due to security risks. In financial markets, SberInvestments projected autumn dividend payouts by Russian issuers at nearly 500 billion rubles, led by Gazprom Neft. Meanwhile, surging jet fuel costs pushed Baltic carrier AirBaltic toward financial restructuring, noted Regional Policy Development Center President Ilya Grashchenkov. In European diplomacy, Italian Vice Prime Minister Matteo Salvini indicated willingness to resume Russian gas purchases once the Ukraine conflict concludes. Additionally, Russian President Vladimir Putin signed a decree allowing sales of certified gas masks starting March 1, 2027.
Armenia
Energy expert Grigor Balasanyan warned that integrating Armenia into the Turkish-Azerbaijani power grid to export electricity to the EU jeopardizes national security. Sputnik Armenia columnist Arman Abovyan emphasized that Armenia’s energy sovereignty relies on independent fuel supplies. Regionally, retail diesel prices in neighboring Turkey approached 100 liras per liter, while European spending on Russian Arctic LNG surpassed total 2025 levels. Despite regional energy shocks, retail prices for petrol, diesel, and natural gas in Armenia remain stable. Energy supply security is preserved through long-term trade contracts within the EAEU, shielding consumers from volatility recorded by international market price assessments.