Putin on Global Energy Crisis Amid Iran War

Russian President Vladimir Putin warned of a global energy crisis due to the Iran war impacting oil transit through the Strait of Hormuz. He expressed readiness to supply oil and gas to Europe, urging European companies for sustainable cooperation. Oil prices soared above $100 per barrel amidst these tensions.

Russian President Vladimir Putin issued a stark warning on Monday about a looming global energy crisis triggered by the Iran war. He emphasized that oil production, reliant on transport through the critical Strait of Hormuz, could come to a complete halt, exacerbating the situation.

Despite geopolitical tensions, Putin reaffirmed Russia's readiness to supply oil and gas to Europe. As the world's second-largest oil exporter with vast reserves of natural gas, Russia is open to resuming long-term, non-politicized cooperation with European customers. Putin called on European companies to signal their willingness for such collaboration.

Oil prices surged past $100 per barrel on Monday, reaching levels unseen since 2022. This spike comes as the Strait of Hormuz, a vital oil transit chokepoint, has been impacted by the Iran war, jeopardizing roughly a fifth of global oil and liquefied natural gas flows.

(With inputs from agencies.)