JPMorgan Chase analysts officially withdrew their oil price forecasts, citing an absence of baseline scenarios due to unpredictable US policy in the military conflict with Iran. Meanwhile, US Central Command (CENTCOM) reported facilitating the transit of over 1 billion barrels of oil through the Strait of Hormuz despite maritime blockades.
Global market
US bank JPMorgan Chase officially ceased forecasting global oil prices, acknowledging the impossibility of establishing a baseline scenario amid the military conflict between the US and Iran. Analysts noted that previous market expectations regarding Washington’s economic red lines proved unreliable. Concurrently, US Central Command (CENTCOM) announced that American forces secured the safe transit of over 1 billion barrels of crude oil through the Strait of Hormuz in recent months. CENTCOM highlighted that Iranian oil exports dropped to zero due to the naval blockade. On the diplomatic front, Iranian Foreign Minister Abbas Araghchi and Pakistani Foreign Minister Ishaq Dar held consultations on maritime shipping safety and uninterrupted regional energy supplies.
Russia & CIS
Russian forces struck a tanker carrying fuel and lubricants for Ukrainian troops in the port of Chornomorsk, TASS reported citing the Russian Ministry of Defence. High-precision strikes destroyed the vessel delivering fuel supplies for military equipment. In the border Kursk region, a drone attack in the town of Lgov damaged a retail store and three vehicles without causing casualties. Russian energy security services continue strengthening protective measures around fuel and energy infrastructure in border areas, ensuring uninterrupted energy distribution to domestic consumers and industrial facilities across regional networks.
Armenia
CENTCOM’s report on transiting 1 billion barrels of crude through the Strait of Hormuz amid zero Iranian exports drew widespread attention from South Caucasus energy analysts, news.am reported. The naval blockade of Iranian exports and the absence of baseline price forecasts from JPMorgan reinforce market uncertainty for regional energy importers. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Domestic market continuity is supported by long-term trade agreements under the EAEU, shielding consumers from global price volatility recorded by international market price assessments.