Global crude prices dropped sharply after Persian Gulf oil exports bounced back to pre-war levels, while Washington voiced concerns that a potential ban on US diesel exports could drive up domestic gasoline prices. Meanwhile, Russian gas exports via TurkStream rose 1.4%, and Armenia confirmed no signals of a price hike for Russian natural gas.
Global market
Brent crude dropped to $96.50 per barrel from yesterday’s $103, with WTI falling to $89.57 per barrel, as reports from JP Morgan, Goldman Sachs, and Kpler confirmed Persian Gulf oil exports returned to pre-war levels. Meanwhile, US President Donald Trump cautioned that a potential ban on US diesel exports could negatively impact domestic gasoline prices, though White House discussions continue daily. To cushion consumers, Taiwan allocated $13 billion to support state power generator Taipower and refiner CPC against war-driven energy inflation. In Asia, Pakistan’s Energy Ministry proposed allowing private firms and power plants to directly import spot LNG to resolve shortages caused by Qatar supply disruptions.
Russia & CIS
Russian natural gas exports to Europe via the TurkStream pipeline increased by 1.4% to 13.2 billion cubic meters, according to TASS data. In coal trade, Russia supplied nearly 90% of India’s pulverized coal injection (PCI) fuel in September, capturing a 27% share of Indian coking coal imports with 1.6 million tonnes, according to BigMint. In sanctions compliance, the US Treasury’s Office of Foreign Assets Control (OFAC) extended for one month authorization for negotiations between Hungarian firm MOL, Serbian NIS, and Gazprom Neft. Furthermore, the Russian Government allocated 2.09 billion roubles in 2026 to subsidize gas-powered vehicle production, with funding nearly tripling by 2029.
Armenia
Armenian Prime Minister Nikol Pashinyan stated there are no current signals regarding an increase in Russian natural gas prices for Armenia, deeming such discussions premature, am.sputniknews.ru reported. The prime minister added that Yerevan is evaluating alternative gas supply scenarios and designated Vardenis as the country’s future renewable wind energy hub. Additionally, the Armenian Government extended a 50% subsidy on electricity, gas, and irrigation water bills for residents of 82 border villages for another year. Retail petrol and diesel prices remain stable, while Armenian Nuclear Power Plant operations continue reliably under long-term EAEU trade agreements shielding the market from volatility recorded by international market price assessments.