Putin Says Russia Ready to Work With Europe Again as Energy Crisis Escalates
Oil prices surged above $100 a barrel this week as the expanding war involving Iran rattled global energy markets and raised fears of supply disruptions.
Russian President Vladimir Putin said the crisis has already arrived, warning the conflict could soon halt oil shipments through the Strait of Hormuz — one of the world’s most important energy chokepoints.
According to Reuters and other outlets, about one-fifth of global oil and liquefied natural gas moves through the strait, making the region critical for global supply.
The conflict has already pushed crude prices to levels not seen since 2022 and forced governments to consider emergency responses.
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Putin also said Russia would be willing to supply oil and natural gas to Europe again if European countries signaled interest in renewed cooperation.
That comes after Europe sharply reduced its dependence on Russian energy following Moscow’s invasion of Ukraine and the sanctions that followed.
Meanwhile, G7 governments say they are monitoring the situation and could intervene in energy markets if the war continues to drive prices higher.
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