US Vice President JD Vance stated Washington remains open to a settlement with Tehran if Iran makes nuclear concessions, while Brent crude held above $100 per barrel amid global diesel shortages. Meanwhile, Russian weekly seaborne crude export revenues reached a post-2022 high of $2.58 billion, and Yerevan signaled openness to Russian technology for a new nuclear plant.
Global market
US Vice President JD Vance declared Washington is open to a peace settlement with Tehran if Iran delivers nuclear concessions, including halting high-grade uranium enrichment. Despite Middle East crude shipments recovering to 16.5 million barrels per day, Brent crude held above $100 per barrel due to severe global diesel supply deficits. On emergency policy, US President Donald Trump ruled out a ban on US diesel exports after G7 leaders agreed to release 100 million barrels of crude reserves. Maritime risks escalated as a projectile struck the Greek-flagged LNG carrier Maran Gas Mystras near the Strait of Hormuz. Furthermore, Turkey initiated talks with Saudi Arabia to establish a military base protecting energy infrastructure.
Russia & CIS
Russia’s gross weekly seaborne crude export revenue rose to $2.58 billion, reaching its highest level since early 2022, according to market estimates. In maritime warfare, Ukrainian uncrewed surface vessels attacked the Liberian-flagged Aframax Rio tanker off the Black Sea coast, causing open oil fires, reported Russian Transport Minister Andrey Nikitin. Separately, Russian Armed Forces carried out drone strikes against a fuel tanker in Odesa’s Yuzhny port supplying Ukrainian forces. In commercial energy, tech giant Google signed a 20-year agreement with Constellation Energy to upgrade 11 nuclear reactors adding 890 MW for data centers. Meanwhile, US commercial crude inventories fell by 2.09 million barrels.
Armenia
Armenian Prime Minister Nikol Pashinyan stated Yerevan has not ruled out Rosatom technology for building Armenia’s new nuclear power plant, while evaluating international proposals. In geopolitical warnings, the Russian Foreign Ministry warned that reviewing bilateral ties would strip Armenia of discounted Russian gas prices, while energy security expert Vahe Davtyan noted the TRIPP transit project is incompatible with European integration. Despite market volatility, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas shipments from Russia and generation at the Armenian Nuclear Power Plant proceed under long-term EAEU trade agreements shielding the market from price spikes recorded by international market price assessments.