A widening $40-per-barrel price spread opened between Persian Gulf crude grades and unthreatened supplies as tanker transits through the Strait of Hormuz plunged to just four vessels per day. Concurrently, US crude inventories surged by 7.14 million barrels, while a storm-induced fuel spill in Russia’s Taimyr region triggered a local state of emergency.
Global market
A massive $40-plus price gap opened between crude grades trapped in the Persian Gulf and unthreatened supplies, as Brent crude surpassed $107 per barrel and WTI reached $103 per barrel. Vessel traffic through the Strait of Hormuz collapsed, with only four vessels passing through on September 15, none of which were crude supertankers or LNG carriers. UAE state producer ADNOC agreed to purchase 72 million barrels of discounted Iraqi crude at cuts up to $27 per barrel for domestic refining to free its own crude for export. Meanwhile, US crude inventories jumped by 7.14 million barrels for the week ending September 11, according to API data. In defense developments, the US administration prepared a $2.8 billion sale of 40,000 bombs to Israel.
Russia & CIS
A local state of emergency was declared in Russia’s Taimyr Peninsula following a 200-ton diesel fuel spill in the Khatanga Gulf, caused by storm damage to a storage tank supplying the Syndassko power station. Operational services confirmed that electricity supply to the settlement remains uninterrupted with no environmental damage detected so far. In domestic fuel market oversight, the Federal Antimonopoly Service uncovered opaque supply chains involving intermediary companies and proposed turnover fines for violators. Additionally, independent petrol station operators in Kuzbass signed an agreement capping retail price markups. In energy infrastructure security, Zaporizhzhia NPP Director Yuri Chernichuk warned of irreversible risks if plant maintenance stops.
Armenia
Central Bank of Armenia Governor Martin Galstyan warned that any potential energy price increases represent an “apocalyptic scenario” for the domestic economy. Analysts at news.am highlighted that Iraq intends to expand direct crude shipments to Europe bypassing Hormuz, while US Energy Secretary Chris Wright stated that the Saudi East-West pipeline will resume operations within days. Despite Middle East transit bottlenecks and global crude volatility, retail prices for petrol, diesel, and natural gas in Armenia remain stable. Domestic market security is sustained through long-term supply agreements under the EAEU, shielding consumers from fluctuations recorded by international market price assessments.