Middle East Tensions: The situation in the Middle East has become extremely tense after the joint attacks by the United States and Israel on Iran. In retaliation from Iran, along with Israel, American military bases are also being targeted. Amidst this increasing conflict, serious concerns are being raised about the global energy market. In this context, Vladimir Putin has said that the US-Israeli attacks on Iran have created a big crisis in the global energy market.
Putin’s warning
Russian President Vladimir Putin said on Monday (local time) that the movement of oil through the Strait of Hormuz could come to a complete halt in the coming weeks. He also said that Russia is ready for long-term energy cooperation if the European Union is willing. In a televised meeting with senior government officials and executives of Russia’s major oil companies, Putin said that the worsening situation in the Middle East has put great pressure on global oil supplies. This has led to a sharp rise in oil prices, which can have serious consequences on the global economy.
surge in oil prices
Amidst this tension, crude oil prices rose to around $119 per barrel, which is such a high level for the first time since 2022. This rise in oil prices is being seen mainly due to the fear of supply disruption from the Strait of Hormuz. This narrow sea route is very important for global oil and gas supply, through which about one fifth of the world’s total oil and gas passes.
Putin also said that Russia is the world’s second largest oil exporter and one of the countries with the largest gas reserves. In such a situation, Moscow can benefit from the current situation. He asked Russian energy companies to be ready to take advantage of the changing global conditions.
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