Iran-Israel War: Putin also said that Russia is the world's second-largest oil exporter and one of the countries with the largest gas reserves. Therefore, the current situation could benefit Moscow.

Russian President Vladimir Putin's statement on the global energy crisis

Middle East Tensions: The situation in the Middle East has become extremely tense following the joint attacks by the United States and Israel on Iran. Iran is retaliating by targeting Israeli as well as US military bases. Amid this escalating 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 major crisis for the global energy market.

Putin's warning

Russian President Vladimir Putin said on Monday (local time) that oil transit 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 from Russia's major oil companies, Putin said that the deteriorating situation in the Middle East has put significant pressure on global oil supplies. This has led to a sharp rise in oil prices, which could have serious consequences for the global economy.

oil prices surge

Amid this tension, crude oil prices have risen to nearly $119 per barrel, reaching such a high level for the first time since 2022. This surge in oil prices is primarily driven by fears of supply disruptions through the Strait of Hormuz, a narrow sea route vital to global oil and gas supplies, carrying approximately one-fifth of the world's oil and gas.

Putin also said that Russia is the world's second-largest oil exporter and one of the countries with the largest gas reserves. Therefore, the current situation could benefit Moscow. He urged Russian energy companies to be prepared to take advantage of the changing global situation.