Oil prices dropped below $98 per barrel after Iran offered to reopen the Strait of Hormuz within seven days if Washington eases military pressure, while Saudi Aramco prepared to resume crude exports from Yanbu port. Meanwhile, Gazprom restarted gas supplies to China via Power of Siberia following maintenance, and Armenian regulators attended a global energy forum.
Global market
Brent crude fell 2.6% to $97.70 per barrel, slipping below $98 for the first time since September 8, after a senior Iranian official told Kyodo News that Tehran is prepared to reopen the Strait of Hormuz within a week if the US eases port blockades and halts military operations. Risk premiums eased further as US Secretary of State Marco Rubio announced that US President Donald Trump will discuss a moratorium on energy strikes with Ukrainian President Volodymyr Zelenskyy at the UN General Assembly. On export logistics, Saudi Aramco informed Asian refiners of an imminent restart of crude loadings at Yanbu port following East-West pipeline repairs. Meanwhile, India’s crude import bill surged 48.4% to $74.8 billion in April–August.
Russia & CIS
Gazprom resumed natural gas deliveries to China through the Power of Siberia pipeline following scheduled maintenance. In the nuclear sector, a Ukrainian drone strike damaged a radiation monitoring post at the Zaporizhzhia Nuclear Power Plant, though officials confirmed no immediate radiation threat. Downstream, Hungarian energy group MOL completed repairs on the AV3 crude distillation unit at its Százhalombatta refinery, targeting an October operational restart. In regulatory policy, the Russian Federal Antimonopoly Service (FAS) proposed banning power generators from cryptocurrency mining to prevent grid access discrimination. Additionally, Lithuania signed a 10-year contract to purchase US natural gas, while Moldova approved a 60-day energy state of emergency starting September 26.
Armenia
Representatives from Armenia’s Public Services Regulatory Commission (PSRC) attended the World Energy Regulation Forum, news.am reported. Armenian media outlets also closely covered Saudi Aramco’s efforts to restart the East-West pipeline and the drone strike on the Zaporizhzhia NPP radiation post. Despite global price fluctuations, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports and operations at the Armenian Nuclear Power Plant continue without disruption under long-term agreements within the EAEU, which protect domestic consumers from global price volatility recorded by international market price assessments.