Kremlin strongman Vladimir Putin’s declining fortunes have taken a major turn for the better because Donald Trump’s war on Iran has given the staggering Russian economy a shot in the arm as oil prices lurch upward. According to the Wall Street Journal, Russian crude that was languishing unsold just days ago has become a hot commodity. The U.S. has eased sanctions on Russian oil, opening the door for key buyers to increase purchases. With oil and natural gas prices surging, Russian producers are reaping substantial profits. The shift is already visible in global markets. In India, traders who previously demanded steep discounts to purchase Russian oil are now attempting to sell at prices above global benchmarks—a dramatic reversal. “The longer that this conflict goes on, the world will increasingly rely on both Russian crude oil and Russian refined products,” said Naveen Das, senior crude analyst at Kpler. Emboldened by his suddenly improved fortunes, Putin has grown more aggressivewith “renewed swagger’ on the global energy stage. He has threatened to cut off remaining energy supplies to Europe before the continent’s deadline to eliminate Russian LNG and pipeline gas imports by 2027. “Other markets are opening now,” Putin declared on state television Wednesday. “If they shut us down in a month or two, wouldn’t it be better to stop now and move to those countries that are reliable partners?” Kremlin spokesman Dmitry Peskov confirmed Friday that the Iran conflict has directly fueled demand for Russian energy products. Global benchmark Brent crude has surged nearly 30 percent since the attacks began. While higher prices normally benefit all oil producers, disruption in the Gulf has crippled Russia’s primary competitors in that region, leaving Moscow uniquely positioned to capitalize on the crisis.
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