IMF Managing Director Kristalina Georgieva warned of risks to global economic stability as Houthi attacks on Saudi Arabia escalated, while Brent crude fell to $104.39 per barrel on potential US sanction relief for shadow fleet tankers. Meanwhile, the EAEU and Iran signed a trade memorandum in Tehran.
Global market
IMF Managing Director Kristalina Georgieva warned that Houthi strikes on Saudi Arabia threaten global economic stability, despite Riyadh’s diversification resilience. On commodity exchanges, Brent crude fell to $104.39 per barrel and West Texas Intermediate dropped to $94.02 per barrel following reports that US President Donald Trump is considering lifting sanctions on shadow fleet tankers carrying oil from Venezuela, Russia, and Iran. Meanwhile, EU Economy Commissioner Valdis Dombrovskis expressed skepticism that US-authorized Russian diesel exports would significantly lower global prices. In battery materials, Chinese lithium futures plunged 14% following an EU-China trade agreement restricting Chinese hybrid electric vehicle exports.
Russia & CIS
Russian Vice Prime Minister Alexander Novak stated that Russia will continue importing gasoline until at least the end of 2026, maintaining imported fuel at 10% of consumption. Concurrently, Russian oil companies are finalizing commercial terms to begin diesel exports to the US within two to three weeks, Vice Prime Minister Alexander Novak added. On internal regulation, the Russian government is weighing a temporary ban on liquefied petroleum gas (LPG) exports by non-producers and mandating exchange trading for lower-grade fuels. In military developments, Russian air defense forces intercepted four Flamingo missiles and 69 drones targeting the Ryazan refinery, while Russian Deputy Energy Minister Dmitry Islamov projected that 70% of coal companies will be unprofitable by year-end.
Armenia
The signing of a trade cooperation memorandum between the EAEU and Iran in Tehran and falling global oil prices shape Armenia’s economic backdrop. EAEU officials noted that expanding trade ties with Tehran enhances Armenia’s transit capacity. Furthermore, Russian Vice Prime Minister Alexander Novak’s assurances on stable gasoline import flows reinforce fuel market security across EAEU member states. Against this backdrop, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Uninterrupted natural gas deliveries from Russia and output from the Armenian Nuclear Power Plant continue under long-term agreements within the EAEU, shielding the domestic market from price fluctuations recorded by international market price assessments.