European Central Bank (ECB) Chief Economist Philip Lane warned that soaring oil and gas prices will prolong the eurozone’s inflation fight into mid-2027, as crude prices rebounded ahead of diplomatic talks. Meanwhile, Moldova proposed a 60-day energy state of emergency, while US political figures pressed for diesel export restrictions.
Global market
Soaring oil and gas prices will delay the eurozone’s return to its 2% inflation target until mid-2027, warned European Central Bank (ECB) Chief Economist Philip Lane. On commodity markets, Brent crude rose to $101.69 per barrel and WTI reached $93.38 per barrel as traders weighed peace talk prospects at the UN General Assembly session between the US and Iran. In the US, Republican candidates called on US President Donald Trump to ban diesel exports to curb record domestic fuel costs. In the Middle East, Houthi militants clashed with Saudi-backed forces in Yemen for strategic highlands dominating Red Sea shipping lanes. Additionally, maritime classification society ABS granted approval in principle to HD Hyundai Heavy Industries for a 22,000 CBM ammonia bunkering vessel design.
Russia & CIS
Moldova’s cabinet proposed declaring a 60-day energy state of emergency due to anticipated shortages of natural gas, electricity, and petroleum products. In Russia, the Ministry of Defense reported targeted strikes against Ukrainian industrial, energy, and maritime infrastructure. Environmental testing in Russia’s Krasnoyarsk Krai revealed that petroleum product concentrations in water samples at a Taimyr fuel spill site exceeded safety limits by nearly 100%. In the southern region, law enforcement in Rostov Oblast detained a suspect attempting to sabotage energy infrastructure in the Azov district. Meanwhile, Russian refineries and fuel transport networks continue regular operations to meet domestic consumer demand and maintain regional distribution contracts.
Armenia
Armenian media outlets closely covered ECB warnings regarding persistent energy inflation and debates in Washington over potential diesel export bans, news.am reported. Escalating fighting in Yemen and Moldova’s energy emergency underscore ongoing supply risks across regional trade routes. 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 proceed without disruption under long-term agreements within the EAEU, which shield domestic consumers from global price volatility recorded by international market price assessments.