India’s Foreign Ministry declared its determination to protect national energy security and maintain Russian oil imports despite new US tariff threats. Meanwhile, Brent crude eased to $104.80 per barrel as Saudi Arabia rerouted exports through Oman, while diesel prices in Germany reached a record €2.453 per liter.
Global market
India’s Foreign Ministry rejected US threats of new tariffs on buyers of Russian energy, stating New Delhi will take all necessary measures to safeguard national energy security and trade interests. On global exchanges, Brent crude prices slipped to $104.80 per barrel and WTI to $101.50 per barrel after Saudi Arabia began rerouting crude via Oman to bypass damaged pipelines. Meanwhile, Asian demand for liquefied natural gas is projected to drop between 3% and 10% this year as soaring prices force industrial consumers toward coal. In Europe, retail diesel prices in Germany hit an all-time high of €2.453 per liter, while French President Emmanuel Macron called for emergency fuel supply measures after fishermen blocked the port of Nice over surging fuel costs.
Russia & CIS
Emergency crews fully extinguished a fire at the Yaroslavl refinery following a drone attack, according to Yaroslavl Regional Governor Mikhail Yevrayev. In regional economic integration, the Eurasian Economic Commission announced that the EAEU free trade agreement with Indonesia will enter into force before the end of 2026, while free trade negotiations with three additional nations are underway. Furthermore, the EAEU and the Shanghai Cooperation Organisation signed a joint cooperation plan through 2030 focusing on transport corridors and trade. Meanwhile, Russian power exporter Inter RAO reported that electricity exports for January–August remained stable year-on-year.
Armenia
The Eurasian Economic Commission confirmed that the EAEU free trade agreement with Indonesia will take effect by the end of the year, opening new market access for Armenian exporters, according to Sputnik reports. The newly signed EAEU-SCO 2030 cooperation plan further strengthens transport connectivity affecting the South Caucasus. US Central Command reported that military escorts have facilitated the movement of 900 million barrels of oil through the Strait of Hormuz since May, helping stabilize broader supply lines. Despite global market turmoil, retail prices for petrol, diesel, and natural gas in Armenia remain stable, supported by long-term trade agreements under the EAEU that cushion local markets from volatility recorded by international market price assessments.