Iran and Azerbaijan have begun joint planning to construct underground energy storage facilities, as global high-sulfur fuel oil exports fell by 800,000 tons per month due to Middle East naval disruptions. Meanwhile, Russian Energy Minister Sergey Tsivilev declared domestic market supply the top priority for Moscow, while Armenian Foreign Minister Ararat Mirzoyan confirmed no EAEU mechanism exists to exclude member states.
Global market
Middle East exports of high-sulfur fuel oil dropped by at least 800,000 tons per month amid escalating transit risks in the Strait of Hormuz, according to Vitol head of Asian operations Kieran Gallagher. On commodity markets, Brent crude held at $105.48 per barrel and WTI at $97.40 per barrel as traders weighed Middle East shipping hazards against US inventory draws. Seeking maritime security, India urged both Russia and Ukraine to guarantee safe passage for commercial shipping in the Black Sea to protect seafarers and energy trade. In green shipping, French logistics company LD Armateurs fitted Spirit of Toulouse with six Norsepower Rotor Sails to support Airbus transport operations.
Russia & CIS
Russian Energy Minister Sergey Tsivilev announced that securing the domestic fuel market remains the primary objective for the Energy Ministry, confirming that Russia has built an effective defense system for oil refineries. On gas transit, Iran’s Deputy Oil Minister Saeed Tavakoli reported ongoing talks with Russia on a gas pipeline route, though payment mechanisms remain unresolved. Furthermore, Iran and Azerbaijan agreed to develop joint underground gas storage facilities, while SOCAR expressed readiness to facilitate Russia-Iran gas cooperation. In utility infrastructure, Kyiv Mayor Vitali Klitschko postponed the heating season in two city districts following severe damage to Ukrainian energy facilities.
Armenia
Armenian Foreign Minister Ararat Mirzoyan stated that the EAEU has no legal mechanism for member states to vote out or exclude another member, reassuring market participants on trade integration. Expanding regional dialogue, Director of the Armenian Nuclear Power Plant Eduard Martirosyan noted prospects for energy cooperation with Baku, while Iran’s Deputy Oil Minister Saeed Tavakoli highlighted the “3+3” platform’s energy potential. Meanwhile, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Gas deliveries from Russia and generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU agreements, shielding the market from price shocks recorded by international market price assessments.