Iranian Islamic Revolutionary Guard Corps strikes on two tankers in the Strait of Hormuz pushed Brent crude to $117 per barrel, while British energy major BP reported record quarterly profits. Meanwhile, Russia announced plans to extend its diesel export restrictions into 2027 following renewed Ukrainian refinery attacks.
Global market
Brent crude futures climbed to $117 per barrel after the Iranian Islamic Revolutionary Guard Corps targeted two oil tankers in the Strait of Hormuz, causing a vessel fire and oil spill that closed beaches across three UAE emirates. On European gas markets, spot natural gas prices surpassed $1,200 per thousand cubic meters for the first time since December 2022. Amid elevated refining margins and volatile trading, British supermajor BP quadrupled its third-quarter adjusted profit to a record $8.6 billion. In response to transatlantic fuel movements, New Jersey Governor Mikie Sherrill threatened to block Russian diesel imports entering the US East Coast distribution hub.
Russia & CIS
Ukrainian drone strikes targeted three Russian oil refineries and a gas chemical complex, according to Russian Deputy Prime Minister Alexander Novak, who noted minor damage at one facility. Russian Presidential Aide Yury Ushakov stated that Kiev resumed attacks despite requests from Washington. In response to domestic supply conditions, Russia plans to extend its diesel export ban for non-producers until the end of January 2027, while targeting 2.15 million tons of diesel exports in November. Meanwhile, closures of independent petrol stations in Russia surged 16.7% over nine months to 935 companies, marking the highest liquidation level since 2022.
Armenia
Officials from Armenia’s Public Services Regulatory Commission met with Huawei representatives to discuss technical standards for battery energy storage systems aimed at strengthening grid reliability. Political officials also confirmed that no fuel shipments entered Armenia from Azerbaijan over recent months. Despite European spot gas prices topping $1,200 per thousand cubic meters and crude spikes to $117 per barrel, 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 contracts, protecting the domestic market from global price shocks recorded in international market price assessments.