Brent crude topped $110 per barrel as intensified tanker attacks in the Strait of Hormuz threatened Persian Gulf exports and drove up global energy prices. Concurrently, Russia expanded energy shipments to China and Northern Sea Route oil transit, while experts assessed Armenia’s energy resilience amid regional supply risks.
Global market
Brent crude surged past $110 to $109.68 per barrel and WTI rose to $98.55 per barrel following intensified attacks on commercial tankers in the Strait of Hormuz. The shipping disruption severely impacted raw materials, as sulfur prices soared from $500 to over $800 per metric ton, threatening global agricultural fertilizer production. In regional gas infrastructure, Qatar offered Lebanon a draft program to build two gas-fired power plants totaling 1,650 megawatts alongside a 20-year LNG supply contract piped through Syria. Additionally, Middle Eastern buyers increased tanker acquisitions by 60% year-on-year to 34 vessels in the third quarter.
Russia & CIS
Russia exported 87.59 million tons of crude oil and 7.197 million tons of LNG to China during the first three quarters of 2026, reinforcing Asian supply channels. On northern maritime routes, crude exports via the Northern Sea Route reached 20 million barrels (2.75 million tons), surpassing last year’s total volume by 50%. On the diplomatic front, Iranian President Masoud Pezeshkian announced plans to meet Russian President Vladimir Putin at the GECF summit in Moscow, while US Vice President JD Vance opposed strikes on Russian refineries. Furthermore, Russia’s Ministry of Energy reported that mandatory registration of over-the-counter petroleum sales covered 25% of market volume in September.
Armenia
Higher natural gas prices will not cause an economic catastrophe for Armenia, according to Armenian economist Vazgen Dzhrbashyan, who pointed to structural protections under EAEU agreements. Following IRGC reports of a tanker striking a mine in the Strait of Hormuz, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Uninterrupted natural gas imports from Russia and generation at the Armenian Nuclear Power Plant proceed at full capacity, insulating the domestic market from price spikes recorded by international market price assessments.