Brent crude surged past $112 per barrel as Iranian floating oil reserves ran dry under a US naval blockade and Asian LNG prices hit four-year peaks. Simultaneously, Armenian Prime Minister Nikol Pashinyan identified relations within the EAEU as a primary challenge.
Global market
Brent crude oil prices climbed above $112.40 per barrel for the first time since May as Middle East security risks escalated. According to Kpler data, Iran’s floating crude stockpiles dropped below 50 million barrels, down from 150 million barrels before the US naval blockade, exhausting offshore reserves for China. In gas markets, Asian spot LNG prices reached a four-year high of $1,080 per thousand cubic meters. To prevent blackouts, India increased coal supplies to power stations to a record 2.6 million tonnes daily, after 96 plants reported critical three-day stocks. Additionally, the European Parliament voted to establish a raw materials agency backed by a €2 billion fund to reduce foreign mineral reliance.
Russia & CIS
NOVATEK CEO Leonid Mikhelson announced that the company will redirect LNG supplies globally if European Union import bans take effect. In financial integration, Russian Deputy Foreign Minister Sergey Ryabkov confirmed that national currency settlements within the EAEU exceeded 90%. Assessing global supply volatility, Turkish Finance Minister Mehmet Simsek stated that the current energy crisis is seven times larger than the 2022 disruption. Meanwhile, Saudi Aramco CEO Amin Nasser reported expanding the pipeline capacity bypassing Hormuz to 7 million barrels per day, while Russian Special Presidential Representative Kirill Dmitriev called the eventual restart of Nord Stream inevitable.
Armenia
Armenian Prime Minister Nikol Pashinyan stated that navigating current relations with the EAEU represents a key challenge, emphasizing the need to strengthen Yerevan’s position within the bloc. Responding to integration friction, Head of the EU Delegation to Armenia Vassilis Maragos affirmed that Brussels is closely monitoring developments. Despite international volatility, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas imports from Russia and generation at the Armenian Nuclear Power Plant continue under EAEU contracts, shielding domestic consumers from shifts in international market price assessments.