EU energy ministers met in Brussels to address an escalating winter heating crisis as natural gas benchmark prices reached €100 per megawatt-hour. Meanwhile, crude oil prices eased following diplomatic outreach from Washington to Tehran, while Kazakhstan announced plans to establish a strategic uranium reserve.
Global market
Brent crude futures fell to $114.14 per barrel ($114.02 in Asian trading) and WTI dropped to $101.45 per barrel after US Vice President JD Vance contacted the secretary of the Iranian Supreme National Security Council to restart peace talks. However, IMF Middle East and Central Asia Department Director Jihad Azour stated that the current energy shock remains the largest since 1974. In Europe, natural gas prices touched €100 per MWh, prompting an emergency meeting of EU energy ministers as EU Energy Commissioner Dan Jørgensen warned that over 50,000 residents face heating payment distress this winter. Additionally, a minor fire occurred at the Savannah River Nuclear Laboratory in North Carolina.
Russia & CIS
Kazakh Prime Minister Olzhas Bektenov instructed the creation of a state strategic uranium reserve for nuclear power plants to bolster national energy security. Addressing European gas policy, Kremlin Press Secretary Dmitry Peskov urged the EU to avoid absolute bans on Russian natural gas imports. Internationally, Egyptian officials emphasized strategic coordination with state atomic corporation Rosatom regarding the El-Dabaa Nuclear Power Plant construction. Meanwhile, drone attacks targeted power infrastructure in the Luhansk region, causing emergency power outages across six municipalities.
Armenia
The Armenian government adopted a new regulatory decision on petroleum product imports aimed at reinforcing domestic fuel market stability. Despite broader Middle East geopolitical risks and crude price fluctuations around $114.02 per barrel, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas imports from Russia and power generation at the Armenian Nuclear Power Plant operate at full capacity under long-term EAEU agreements, shielding domestic consumers from global price volatility recorded in international market price assessments.