Putin is the real winner in Trump’s Iran war as it puts Russian oil back on the map
Fortune • • world
Key Points:
- The Iran conflict has disrupted about 20% of the world's oil supply, increasing demand and value for remaining sources, including Russian oil, despite ongoing sanctions.
- The U.S. issued a 30-day waiver allowing countries to buy Russian oil already at sea, aiming to stabilize markets but inadvertently boosting Russian oil revenues and confidence.
- Russia's Urals crude oil price has risen to near parity with Brent crude, reflecting increased demand and reduced discounts, benefiting Moscow financially amid sanctions.
- Experts and Ukrainian President Zelenskyy criticize the waiver, arguing it fails to reduce global oil supply issues and may strengthen Russia's position in the conflict.
- The U.S. has also eased sanctions on Iranian oil and released strategic petroleum reserves to counter supply disruptions caused by Iran's attacks on ships in the Strait of Hormuz.
