Washington proposed creating a $5 billion reconstruction fund for Middle East energy infrastructure to reduce regional reliance on the Strait of Hormuz amid ongoing Gulf conflict. Meanwhile, new US sanctions legislation threatens India’s Russian crude trade, and Czechia announced daily fuel price caps from October 1.
Global market
Washington proposed a $5 billion fund to rebuild Middle East energy infrastructure and lessen dependency on the Strait of Hormuz, reported the Wall Street Journal. Concurrently, US President Donald Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 into law, authorizing up to 100% tariffs on countries importing Russian crude, placing India’s trade at risk. Meanwhile, a 17% loss in Qatar’s LNG capacity sparked $60 billion in gas contracts at the Gastech summit in Bangkok, while Brent crude pulled back below $100 per barrel. In Europe, Czechia announced daily fuel price caps starting October 1, alongside a 50% tax on excess refining margins. In defense, France declared readiness to protect Saudi energy facilities from Houthi attacks using defensive measures.
Russia & CIS
Two indigenous communities in Russia’s Irkutsk region filed a 74 million ruble lawsuit against Transneft-Vostok in regional arbitration court, TASS reported. In Eastern Europe, Hungarian Prime Minister Péter Magyar declared that Hungary will not permit petroleum storage construction for Ukraine on its territory, invalidating a memorandum between Hungarian energy group MOL and Ukrainian firm Naftogaz. In aviation logistics, flight restrictions were lifted at Nizhny Novgorod international airport. Meanwhile, Russian refineries and pipeline networks continue operating to fulfill domestic fuel demand and regional supply contracts under ongoing market pressures.
Armenia
British aerial refueling support for Saudi jets fighting Houthi forces and US energy initiatives in the Middle East received detailed coverage across Armenian media, news.am reported. Heightened trade frictions within the EAEU and volatile international freight rates present ongoing risks for South Caucasus energy importers. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas deliveries and operations at the Armenian Nuclear Power Plant proceed without disruption under long-term trade agreements, shielding domestic consumers from global price fluctuations recorded by international market price assessments.