European natural gas benchmarks surged past $1,100 per thousand cubic meters for the first time since late 2022, as Middle Eastern security threats prompted strategic stockpile reallocations. Concurrently, Iranian leadership joined regional energy talks in Russia while Armenian domestic fuel markets maintained price stability under Eurasian economic agreements.
Global market
European natural gas futures on the Dutch TTF hub rose 2% to $1,108 per thousand cubic meters, surpassing $1,100 for the first time since December 21, 2022. To hedge against persistent Red Sea and Gulf security threats, Saudi Arabia agreed with Singapore to store 1.47 million cubic meters of crude oil in underground Jurong Rock Caverns starting in the second half of 2027. On international crude markets, Brent crude futures traded near $109.50 per barrel, while WTI crude stood at $100.86 per barrel. Additionally, European Commission regulators proposed maritime subsidies favoring e-fuels and bioLNG, as Rotterdam reported a 38% drop in quarterly bio-bunker sales.
Russia & CIS
Security forces detained two suspects in Moscow for plotting FPV drone attacks against an electrical energy facility, while 316 emergency responders contained a 1,500-square-meter fire after 39 fuel tank cars derailed in Sverdlovsk Oblast. On diplomatic fronts, Kremlin spokesperson Dmitry Peskov stated Russia is open to discussing European gas deliveries if spare capacity and buyer interest exist, as Iranian President Masoud Pezeshkian arrived in Russia for the Gas Exporting Countries Forum summit. Meanwhile, Gazprombank data showed Russian exporters increased monthly foreign currency sales by $4.9 billion to $23.7 billion.
Armenia
Iranian Foreign Minister Abbas Araghchi linked ongoing European social unrest directly to energy market volatility, underscoring the broader economic contagion from regional supply shocks. Despite European gas benchmark spikes above $1,100 per thousand cubic meters and Persian Gulf logistics disruptions, 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 long-term EAEU bilateral contracts, insulating domestic consumers from international price fluctuations recorded in international market price assessments.