Oil and liquefied natural gas shipments through the Strait of Hormuz reached a six-month high as global energy markets face refining bottlenecks. Meanwhile, Ukraine announced plans to construct petroleum storage facilities in Hungary, while retail fuel prices in Armenia remain stable under EAEU mechanisms.
Global market
Petroleum and LNG shipments through the Strait of Hormuz reached their highest level in six months, announced Admiral Brad Cooper, commander of US Central Command (CENTCOM). The Wall Street Journal highlighted that refinery disruptions in the Middle East and Russia reduced global diesel exports, making oil refining the primary vulnerability of the global energy market. In US legal developments, a federal judge invalidated New York’s $75 billion climate liability law signed by New York Governor Kathy Hochul in 2024, ruling it conflicts with federal legislation. Additionally, energy analysts project China will surpass the US and France by 2035 to become the world’s leading nuclear power producer.
Russia & CIS
Ukraine intends to build petroleum product storage facilities in Hungary, 1prime.ru reported citing official sources. The project aims to diversify fuel reserves and bolster supply reliability across European trade routes. On domestic transportation infrastructure, a Gazelle truck collided with a queue near a petrol station on the Moscow Ring Road (MKAD), resulting in two fatalities. Despite localized transport incidents, Russian energy refining and transit networks continue operating steadily to meet domestic consumer demand and support regional fuel logistics.
Armenia
The six-month high in Hormuz tanker transit and global refining constraints shape the energy backdrop for the South Caucasus. Although global oil product markets face supply tightness, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports and operations at the Armenian Nuclear Power Plant proceed without interruption. Domestic market resilience is maintained through long-term arrangements under the EAEU, which shield consumers from external price shocks recorded by international market price assessments.