European natural gas benchmarks rose near €90 per megawatt-hour as Middle East escalations threatened winter energy supplies, while Washington accused Tehran of exaggerating Gulf disruptions to drive up crude prices. Concurrently, Armenia launched a dedicated state entity to manage the construction of its new nuclear power unit.
Global market
European benchmark gas prices at the Dutch TTF rose 2.7% to nearly €90 per megawatt-hour ($29.50 per MMBtu) as Middle East tensions escalated ahead of the winter heating season. Meanwhile, US President Donald Trump stated that Iran is inventing fake ship strikes to inflate oil prices prior to the US congressional elections. In Asian trade, China’s imports of Russian LNG surged 44.3% in the first nine months of 2026 to 7.19 million metric tonnes, valued at $3.92 billion. To support clean energy transition, the UK established a £2 billion Energy Wealth Fund funded by North Sea oil and gas taxes, while UK regulator Ofgem approved a deal to maintain gas import capacity via the Great Britain-Belgium interconnector.
Russia & CIS
Russian oil companies may raise retail petrol and diesel prices by 2.1 rubles per liter to cover uncovered fuel import costs, according to plans under review by the Russian government. While Russian Deputy Prime Minister Alexander Novak noted that domestic fuel production is increasing, he acknowledged that local gasoline shortages persist. To curb price gouging, Russia’s Federal Antimonopoly Service initiated 74 regulatory cases against fuel market participants. On international supply agreements, US Secretary of State Marco Rubio commented on the US-Russia diesel deal, while Russian Direct Investment Fund CEO Kirill Dmitriev noted Moscow could supply diesel to Europe if requested.
Armenia
Armenia established a special state company to oversee the construction of a new nuclear power unit, assigning the entity to manage technology selection and project execution. Addressing energy cost concerns, Armenian Prime Minister Nikol Pashinyan stated that higher gas prices would not trigger an economic apocalypse, urging focus on national competitiveness. Meanwhile, 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 at full capacity under EAEU contracts, shielding domestic consumers from shifts in international market price assessments.