Brent crude plunged by $6 per barrel following conflicting reports of Qatar-mediated US-Iran peace talks, which Tehran subsequently denied, while the Dubai oil benchmark slipped into contango. Meanwhile, New Jersey threatened ports with severe sanctions for handling Russian diesel, and the International Energy Agency warned that global gas shortages could persist into 2027.
Global market
Brent crude experienced a $6 flash crash from $107.24 to $100.80 per barrel before recovering toward $104 after Tehran dismissed reports of peace negotiations with Washington. The Dubai benchmark’s M1-M3 curve structure slipped into contango for the first time since July as Middle Eastern shuttle-shipping through the Strait of Hormuz boosted physical supply. Meanwhile, the International Energy Agency warned that global gas tightness could extend into 2027, citing EU storage levels at 75%, below 2013 benchmarks. Indian refiner Bharat Petroleum Corporation Limited purchased 1 million barrels of US WTI crude at an $18 premium over Dated Brent, while Britain’s Drax unveiled a £20 billion AI data center project.
Russia & CIS
New Jersey Governor Mikie Sherrill threatened US ports with multimillion-dollar fines for receiving Russian diesel, citing federal law violations. Domestically, Russia’s Federal Anti-Monopoly Service and Energy Ministry temporarily lowered the exchange sales quota for jet fuel to 5% between November 9, 2026, and March 31, 2027. According to Bloomberg, Russia increased its seaborne crude oil exports. Meanwhile, Kyiv Mayor Vitali Klitschko described the energy supply situation in the capital as extremely difficult following attacks on the regional energy hub, while Russian Ambassador to Moldova Oleg Ozerov confirmed that gas supply capacity to Chisinau remains intact.
Armenia
Armenian Prime Minister Nikol Pashinyan stated that Armenia will eventually have to choose between the EAEU and the EU, speaking as regional security risks escalated following reports from Iran’s Islamic Revolutionary Guard Corps that three oil tankers hit naval mines in the Strait of Hormuz. Despite volatile Brent swings around $104 per barrel and Middle Eastern shipping disruptions, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct gas deliveries from Russia and electricity generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU contracts, shielding domestic consumers from global market volatility recorded in international market price assessments.