Washington and Tehran have reopened talks in New York on a phased framework to restore commercial shipping through the Strait of Hormuz, while Russia resumed natural gas deliveries to Armenia after pipeline maintenance. Concurrently, Gazprom reported a 3.4% rise in gas production, and the Netherlands urged the EU to scrap mandatory gas storage targets.
Global market
The US and Iran resumed negotiations in New York on a phased agreement to de-escalate Persian Gulf tensions, proposing to reopen the Strait of Hormuz in exchange for easing trade restrictions and unfreezing Iranian assets. Amid diplomatic progress, November WTI crude futures fluctuated between $88.67 and $96.78 per barrel, settling at $94.76. Meanwhile, Saudi Aramco partially restored pumping on its East-West pipeline to 4 million barrels per day following recent attacks. In Europe, the Netherlands called on the EU to abandon mandatory winter gas storage targets, having spent $1.14 billion (€1 billion) this season. Additionally, India is evaluating a mandatory 5% imported coal blending rule for power plants.
Russia & CIS
Gazprom increased natural gas output by 3.4% in the first half of 2026, although crude and gas condensate production dropped 2.7%, while pipeline gas exports to China via Power of Siberia exceeded 2025 levels. Internationally, Kremlin spokesman Dmitry Peskov stated that resolving global diesel supply shortages requires Western nations to lift sanctions on Russian fuel imports. In tax policy, Russia’s Finance Ministry proposed extending a 0% mineral extraction tax rate for Yamal and Gydan gas extraction dedicated to LNG, ammonia, and hydrogen production. Meanwhile, Gazprom began receiving its first domestic mixed-refrigerant compressors for large-scale LNG production.
Armenia
Russia resumed natural gas supplies to Armenia following a temporary suspension since September 14 due to scheduled maintenance on Russian pipelines, am.sputniknews.ru reported. Addressing alternative supply proposals, Russian Security Council Deputy Secretary Yuri Shevtsov stated that Russian gas remains significantly cheaper for Armenia than any alternative sources. Meanwhile, a Gallup poll revealed that 59.5% of Armenian citizens support holding a referendum on choosing between the EAEU and the EU, with 29.4% favoring continued EAEU membership. Retail prices for petrol, diesel, and gas in Armenia remain stable, and the Armenian Nuclear Power Plant operates normally under long-term EAEU trade agreements shielding consumers from price volatility recorded by international market price assessments.