The United States rejected an Iranian proposal for a seven-day ceasefire in the Strait of Hormuz while pivoting toward milder alternatives to a full fuel export ban, as European energy officials urged gas demand reductions. Concurrently, Nigeria joined the International Energy Agency, and Armenia expanded electricity exports to Georgia.
Global market
Nigeria joined the International Energy Agency as an Association country as its crude output reached a six-year high, IEA Executive Director Fatih Birol announced. In South America, Venezuelan crude production could reach 1.6 million barrels per day (bpd) by 2028 and 1.8 million bpd by 2030, according to Rystad Energy forecasts. In the US, the Baker Hughes active rig count rose to 599 (455 oil and 135 gas rigs). On gas markets, summer spot Henry Hub gas averaged $2.93 per MMBtu, down 6% despite record heat, supported by 19.4 billion kWh in additional solar power. Meanwhile, supertanker VLCC charter rates in the Strait of Hormuz exceeded $1 million per day, while the OECD maintained its 2026 global GDP growth forecast at 2.9%.
Russia & CIS
The White House rejected an Iranian proposal for a seven-day maritime ceasefire in the Strait of Hormuz, with US President Donald Trump considering resuming military strikes after congressional elections, according to the Wall Street Journal. Concurrently, US officials abandoned a total diesel export ban in favor of targeted market measures. In Europe, EU Energy Commissioner Dan Jørgensen urged member states to cut natural gas consumption amid spiking prices. In Russia, President Vladimir Putin stated that Ukraine continues attacks despite proposing an energy truce, highlighting attempts to halt Russian Geran drone operations. Additionally, the Russian Cabinet adjusted gas volume limits for the Sakhalin-2 project.
Armenia
Armenia increased electricity exports to neighboring Georgia, boosting foreign currency revenues for the domestic energy sector, news.am reported. White House deliberations on fuel export policy and Russian energy security statements were closely monitored across Armenian 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 volatility recorded by international market price assessments.