Iran presented requirements for reopening the Strait of Hormuz as vessel traffic through the waterway dropped 80% below average, pushing Brent crude down for a sixth straight session to $98.30 per barrel. Meanwhile, Russian antimonopoly authorities issued 88 warnings over fuel pricing, while Armenia’s central bank warned that rising gas prices could suppress domestic employment.
Global market
Iranian Foreign Minister Abbas Araqchi met with US Special Envoy Steve Witkoff at the UN General Assembly to present Tehran’s requirements for reopening the Strait of Hormuz. According to Kpler data, commodity vessel traffic through the Strait of Hormuz fell 80% below its ten-day average, with only three vessels transiting outbound in a single day. On commodity exchanges, Brent crude fell for a sixth consecutive day to $98.30 per barrel, while WTI dropped to $89.49 per barrel. Concurrently, Asia’s crude imports in September are projected to reach 23.96 million barrels per day, the highest level since February. In upstream developments, French major TotalEnergies and partner AMNI took a final investment decision to develop Nigeria’s offshore Ima gas field to supply the Nigeria LNG export plant.
Russia & CIS
The Russian Federal Antimonopoly Service (FAS) issued 88 warnings to fuel market participants as part of ongoing price monitoring at filling stations. In nuclear engineering, Rosatom completed reactors for a floating nuclear power plant targeting Chukotka’s Baimsky copper cluster. In judicial proceedings, the Moscow City Court transferred former Moscow Oblast Deputy Police Chief Major General Sergey Malkov to house arrest while investigators opened two new abuse of power cases against him regarding fuel embezzlement. In municipal utilities, authorities in the Komi Republic declared a local emergency following a residential natural gas explosion that displaced 90 residents. Meanwhile, Russian refineries continue regular fuel distribution to domestic consumers.
Armenia
Central Bank of Armenia Governor Martin Galstyan warned that a potential increase in natural gas prices would reduce employment in Armenia, news.am reported. Armenian news outlets also highlighted reports of a 40% surge in European diesel costs and drone strikes near refineries in Ufa and Samara. Nevertheless, 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 disruption under long-term agreements within the EAEU, which shield domestic consumers from global price volatility recorded by international market price assessments.