Putin Signals Russia Ready to Supply Europe Again as Iran War Shocks Oil Markets
Oil prices surged past $100 a barrel as the expanding war involving Iran shook global energy markets. Russian President Vladimir Putin now says the crisis has already arrived.
The warning comes as shipping disruptions threaten one of the world’s most critical energy routes and governments race to prevent another global supply shock.
According to Reuters, Putin said the U.S.–Israeli conflict with Iran has pushed the global oil market into crisis conditions, with prices hitting levels not seen since 2022. He warned oil production tied to transport through the Strait of Hormuz could soon stop entirely if the conflict escalates.
The narrow waterway carries roughly 20% of the world’s oil and liquefied natural gas shipments, meaning any prolonged closure could trigger a severe global supply shortage. Analysts say attacks on regional infrastructure and tanker disruptions have already slowed exports across the Gulf.
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Putin also signaled Russia’s willingness to reengage with European buyers, saying Moscow is open to restoring long-term energy partnerships if European governments show interest.
“We’re ready to work with Europeans too if they signal they want stable cooperation,” Putin said during a government meeting.
The comments come as Western governments have spent several years reducing reliance on Russian oil and gas following the Ukraine war and the sanctions that followed.
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Higher energy prices could have global consequences, from rising fuel costs to renewed inflation pressure in major economies. In the United States, analysts say sustained oil prices above $100 often translate into higher gasoline prices and broader economic pressure.
G7 governments say they are prepared to take “necessary measures” to stabilize energy markets if disruptions worsen, including potential use of emergency oil reserves.
For now, markets are watching the Middle East conflict closely as any escalation around the Strait of Hormuz could deepen the crisis.
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