US crude oil inventories declined by 2.03 million barrels as global fuel inflation reached $468 billion due to Middle East war disruptions. Meanwhile, Washington and Moscow discussed energy deals under Ukraine peace talks, while Armenia maintained stable domestic energy prices under Eurasian agreements.
Global market
Brent crude futures climbed 1.62% to $115.70 per barrel and WTI rose 1.34% to $101.20 per barrel following renewed Houthi attacks on Saudi energy facilities. The Centre for Research on Energy and Clean Air estimated global war-driven fuel inflation at $468 billion, with US consumers bearing $160 billion ($471 per person). Meanwhile, US commercial crude inventories fell by 2.031 million barrels for the week ending October 23, according to the American Petroleum Institute. In bilateral diplomacy, Venezuela and France signed an energy cooperation declaration, while US Energy Secretary Chris Wright characterized the transatlantic diesel agreement as an economic incentive for Moscow.
Russia & CIS
US and Russian negotiators discussed energy cooperation in Ukraine peace talks, including potential US participation in Sakhalin oil projects and Druzhba pipeline deliveries to Europe. The White House is considering lifting sanctions on the Russian Direct Investment Fund, according to reporting by The New York Times. Speaking at the Gas Exporting Countries Forum, Russian President Vladimir Putin warned that excluding Russian gas imposes severe costs on European industry. On nuclear infrastructure, Rosatom Chief Executive Officer Alexey Likhachev announced expanded staffing at Iran’s Bushehr Nuclear Power Plant, while Russia and Belarus ratified unified electricity market rules slated for 2027.
Armenia
EAEU experts convened in Yerevan to establish unified GMO product tracking mechanisms, reinforcing regional trade standardization across member states. The expansion of Rosatom’s nuclear project at Bushehr and ongoing Union State energy integration provide long-term stability for South Caucasus energy supply routes. Despite global Brent crude advancing to $115.70 per barrel and US-Iran war inflation, 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 operate at full capacity under long-term EAEU contracts, shielding domestic consumers from price volatility recorded in international market price assessments.