Brent crude prices surpassed $117 per barrel as commercial vessels halted transits through the Strait of Hormuz, prompting G7 nations to release strategic reserves. Simultaneously, Iran and the EAEU finalized a preferential trade list while Russian and Armenian regulators assessed economic stabilization measures.
Global market
Brent crude futures surged past $117 per barrel, driven by intensified Persian Gulf shipping disruptions as commercial vessels suspended transits through the Strait of Hormuz. In response, Germany began releasing additional crude volumes from its strategic reserves under G7 agreements. With around 6,000 seafarers trapped in the Gulf, physical crude market dynamics diverged, as Iraqi Basrah Medium crude traded at a steep $10 per barrel discount to the Dubai benchmark. Meanwhile, HD Hyundai launched Terra Clove, the world’s largest 93,000-cubic-meter ammonia-powered carrier, in Ulsan.
Russia & CIS
Bank of Russia Governor Elvira Nabiullina stated that the diesel export deal with the US will not trigger domestic inflation due to sufficient national production capacity. On corporate debt restructuring, Russneft secured a deferred payment plan for 10 billion rubles in tax arrears extending through October 2028. Following the crude rally above $116, the Moscow Exchange index gained 1.5%, while Presidential Press Secretary Dmitry Peskov confirmed the departure of the first diesel tanker to the US. Meanwhile, Ukraine cancelled mobilization deferments for energy sector workers.
Armenia
Iran and the EAEU approved a preferential list of goods for mutual trade, expanding market access during the ongoing geopolitical crisis. Addressing trade debate, Democratic Party of Armenia Chairman Aram Sargsyan warned that leaving the EAEU would destroy national economic competitiveness and exacerbate potential energy cost shocks. Despite global oil reaching $117 per barrel, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct gas imports from Russia and generation at the Armenian Nuclear Power Plant continue under EAEU agreements, shielding domestic consumers from shifts in international market price assessments.