Aug 5, 2026, 05:00 AM UTC

Escalating strikes on energy infrastructure are driving up maritime logistics risks while linking conflicts in Eastern Europe and the Middle East. Increased Ukrainian drone attacks on Russian refineries and tankers have pushed freight rates for crude shipments to India up by 50% since mid-July, prompting Moscow to extend fuel export restrictions.

Interconnected regional tensions were further highlighted by an attack on a vessel in the Caspian Sea and a drone strike targeting Egypt’s Damietta port facility. Despite these security threats, critical energy transit remains operational, with three to five million barrels of crude continuing to pass daily through the Strait of Hormuz amid ongoing friction between Washington and Tehran.

Sources: Belsat, NEXTA, Point, The Insider, Радіо Свобода

Analysts forecast a prolonged period of elevated interest rates in Norway, even as international central banks move toward monetary easing. According to SEB, Norges Bank is expected to raise its policy rate to 4.50 percent in the third quarter and maintain that level until late 2027. However, an analysis from Oxford Economics challenged this strategy, arguing that using interest rates to curb inflation is ineffective when price pressures are driven primarily by supply-side issues such as low productivity, lagging home construction, and a weaker krone.

In the real estate sector, domestic housing sales fell approximately 10 percent in July compared to the previous year, a decline industry leaders partially attributed to seasonal distractions during the summer. Meanwhile, equity investors on the Oslo Stock Exchange are increasingly shifting focus away from high-dividend stocks toward broader sector trends.

Sources: Aftenposten, Dagens Næringsliv (DN), E24, Finansavisen

Poland is seeking to join the supply chain for US Patriot missiles by offering to host production facilities, according to Deputy Defense Minister Cezary Tomczyk. However, former Foreign Minister Jacek Czaputowicz criticized the initiative, arguing Warsaw is competing against Ukraine for US licensing rather than coordinating with Kyiv.

The initiative comes amid broader discussions on regional security following a Polish-German defense agreement signed by Defense Ministers Władysław Kosiniak-Kamysz and Boris Pistorius. The pact covers NATO eastern flank defense, cybersecurity, and Baltic operations, though expert Sebastian Meitz of the Sobieski Institute criticized the document as asymmetrical in Germany's favor. Separately, an analysis of Russian budget data by Janis Kluge of the German Institute for International and Security Affairs indicates Russia loses nearly half its active military personnel in Ukraine annually.

Sources: Defence24, Money, Portal obronny, Rzeczpospolita, TVP info

Ukrainian drone strikes on Russian commercial logistics have expanded beyond Wildberries to target other major retail chains, including a distribution center for the grocery provider Lenta. The aerial campaign aims to disrupt domestic supply networks and impact daily civilian life in Russia.

Reports differ on the scale of the damage to Wildberries. Estimates range from over 25% of total warehouse space destroyed to about 8% of overall infrastructure affected, though the strikes hit nearly two-thirds of the company's largest distribution hubs. In response to the persistent threat, the marketplace is moving long-term stock to facilities in Kazakhstan, Uzbekistan, and Belarus to shield goods from further attacks.

Sources: Belsat, NEXTA, NV, The Insider, Verstka.