Russian President Vladimir Putin stated that the escalation of the conflict around Iran is already beginning to exert a systemic impact on the global energy market and could lead to the emergence of a full-scale global energy crisis. The Russian leader made this statement during a meeting on energy issues, emphasizing that developments in the Persian Gulf region have direct consequences for the global economy.

According to Putin, the key factor of instability remains the situation surrounding the strategically important Strait of Hormuz—one of the main hubs of global energy logistics. Around 20–25% of the world’s seaborne oil trade and a significant share of liquefied natural gas supplies from Persian Gulf countries pass through this narrow maritime corridor. Any disruption to its functioning immediately affects global energy prices.

Against the backdrop of rising military risks and concerns about the safety of maritime navigation, global oil prices have once again exceeded $100 per barrel, increasing expectations of a new energy shock. Analysts note that the current price surge is driven not so much by an actual shortage of resources as by a geopolitical risk premium built into energy prices due to the threat of a possible blockade of the strait or a broader expansion of the conflict.

In this context, the Russian president stressed that Russia remains one of the world’s largest suppliers of energy resources and is ready for pragmatic cooperation with European partners if the European Union sends the appropriate political signal. According to him, the energy sector should remain an area of economic rationality rather than an instrument of political confrontation.

At the same time, Putin noted that following the introduction of Western sanctions, the structure of Russia’s energy exports has changed significantly. In recent years, Moscow has rapidly redirected a substantial portion of its oil and gas flows to Asian markets, primarily China and India, which have become key buyers of Russian energy resources. According to him, this transformation has allowed Russia to adapt to sanctions pressure and reduce its dependence on the European market.

If tensions around Iran persist or intensify, the situation in the Strait of Hormuz may become a key factor determining global oil and gas price dynamics in the coming months. In such a scenario, the energy market risks facing a new wave of volatility, which could increase inflationary pressure on the global economy and lead to further politicization of energy trade.

Experts note that the Kremlin’s statements reflect a broader strategic line pursued by Moscow: using instability in the global energy market to strengthen its role as an alternative supplier and as a tool of geoeconomic influence. Amid rising tensions in the Middle East, Russia seeks to position itself as one of the few major players capable of compensating for potential supply disruptions.

#RUSSIA

10.03.2026 02:10