US retail diesel prices surged to an all-time high of $6.505 per gallon as constrained Middle Eastern and Russian supplies exacerbated global fuel tightness. Meanwhile, Russian Finance Minister Anton Siluanov set a $50 per barrel budget rule baseline, while Pakistan secured Qatari LNG via an Iranian transit agreement.
Global market
US retail diesel prices reached a record $6.505 per gallon, AAA data showed, driven by constrained fuel exports from the Middle East and Russia while Brent crude hovered around $100 per barrel. In corporate shipping, commodity trader Trafigura established Volare Shipping to operate six Very Large Crude Carriers (VLCCs) and manage eight newbuilds scheduled for delivery between 2026 and 2028. Further east, Pakistan secured its second Qatari LNG shipment after negotiating safe transit through the Strait of Hormuz with Iran, with the cargo arriving in Karachi. Additionally, the Wall Street Journal noted that tanker shortages caused by Saudi pipeline damage and Persian Gulf bottlenecks will keep global refined product prices elevated.
Russia & CIS
Russian Finance Minister Anton Siluanov announced a baseline crude oil price of $50 per barrel for the national budget rule over a three-year period. The ministry is also evaluating incorporating fuel transportation costs into the import damper mechanism. Meanwhile, Deputy Prime Minister Alexander Novak instructed oil companies to maintain regional fuel deliveries at or above 2025 levels. On export markets, Russia exported 951,000 tons of LNG to China in July 2026, a 43% year-on-year surge. In Eastern Europe, Moldovan President Maia Sandu convened the Supreme Security Council to address winter energy security, while Hungary requested a US exemption from new sanctions on Russian energy purchases.
Armenia
The record US diesel price of $6.50 per gallon and Pakistan’s LNG transit agreement with Iran received close coverage across Armenian media, news.am reported. Escalating global shipping costs and supply constraints heighten uncertainties for South Caucasus fuel importers. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Uninterrupted natural gas deliveries and regular operations at the Armenian Nuclear Power Plant are secured through long-term trade agreements under the EAEU, protecting the domestic market from price spikes recorded by international market price assessments.