Global Brent crude prices surged past $106 per barrel as talks over the Strait of Hormuz stalled, while the Italian Senate voted to reactivate the nation’s nuclear energy program after nearly 40 years. At the same time, Russia reported a naval strike on a fuel tanker in the Black Sea, and Armenia granted tax relief for non-EAEU vehicle imports.
Global market
Brent crude prices crossed $106 per barrel for the first time since mid-September, driven by stalled negotiations over transit conditions in the Strait of Hormuz. Capitalizing on energy security shifts, the Italian Senate voted 81 to 51 to approve legislation returning Italy to nuclear power after a nearly four-decade moratorium. In Asia, Indian state refiners boosted daily LPG production nearly 20% to 44,000 tonnes to counter Middle Eastern import disruptions. Meanwhile, Southeast Asian nations continue constructing 100 GW of gas-fired power generation capacity despite LNG price shocks. At the UN General Assembly, German Environment Minister Carsten Schneider presented Germany’s official roadmap to completely exit fossil fuels by 2045.
Russia & CIS
The Russian Defense Ministry confirmed a overnight missile strike on a commercial tanker carrying fuel to Chornomorsk port, stating the vessel was delivering petroleum products to Ukrainian forces. In nuclear infrastructure, Turkish Energy Minister Alparslan Bayraktar announced plans to commission the first reactor at the Akkuyu Nuclear Power Plant by year-end. Concurrently, Russian diplomat Mikhail Ulyanov warned of severe security risks at the Zaporizhzhia Nuclear Power Plant following intensified regional shelling. Russian Foreign Ministry spokesperson Maria Zakharova emphasized that targeting energy facilities directly inflates global fuel markets. On financial exchanges, the MOEX Index approached 2,350 points, buoyed by oil benchmarks holding above $100 per barrel.
Armenia
The Armenian government authorized domestic businesses to import commercial buses from outside the EAEU under simplified customs procedures through 2028, Sputnik Armenia reported. Reports regarding drone strikes on fuel depots in Rostov Oblast and Krasnodar Krai received prominent coverage in local media. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas supplies and operations at the Armenian Nuclear Power Plant proceed without disruption under long-term trade agreements within the EAEU, which shield domestic consumers from global price shocks recorded by international market price assessments.