Iraq devalued its currency by 14.5% to 1,520 dinars per dollar as Hormuz shipping disruptions slashed oil revenue, while Brent crude surged above $102 per barrel. Meanwhile, the International Energy Agency convened an emergency meeting to release 100 million barrels of G7 reserves, and Rosatom confirmed the Armenian Nuclear Power Plant’s safety through 2031.
Global market
Iraq devalued the dinar by 14.5% to 1,520 per dollar after months of export disruptions through the Strait of Hormuz drained state oil revenues. On the ICE exchange, Brent crude surged to $102.59 per barrel before easing to $101.90, while US commercial crude inventories fell by 3.2 million barrels, according to EIA data. Facing supply strains, the International Energy Agency (IEA) convened an informal governing board meeting to discuss releasing 100 million barrels of G7 oil and diesel reserves. Highlighting European fuel anxieties, Slovak Prime Minister Robert Fico warned Europe faces a difficult winter due to supply deficits. Additionally, South Korea unveiled its $747 billion K-GX strategy targeting 100 GW of renewables by 2030, and SpaceX applied to build a 32.4-mile gas pipeline in Florida.
Russia & CIS
Average petrol prices in Russia rose by 23 kopecks over the week, with Moscow prices increasing 0.7% and St. Petersburg 0.1%, despite price drops in 27 Russian regions. Expanding trade channels, Sberbank launched direct settlement services with Myanmar for Russian energy exports. On Black Sea maritime security, Russian delegation head Yulia Zhdanova warned that Ukrainian plans to block Black Sea navigation risk spiking European fuel prices. In regional fuel markets, aviation fuel prices in Afghanistan surged by nearly 60%, while a Nizhny Novgorod court sentenced a deputy head at Gazprom Gazoraspredelenie to eight years in prison for bribery.
Armenia
Russian state nuclear corporation Rosatom officially confirmed the operational safety of the Armenian Nuclear Power Plant through 2031, following a comprehensive technical audit. On diplomatic channels, Armenian Minister of Territorial Administration and Infrastructure Gnel Sanosyan held talks with Qatar’s Ambassador regarding energy and transport cooperation. Despite Brent crude spiking to $102.59 per barrel, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports from Russia and generation at the Armenian Nuclear Power Plant proceed at full capacity under long-term EAEU trade agreements shielding the domestic market from price shocks recorded by international market price assessments.