Dubai, UAE – Web Desk – The closure of the Strait of Hormuz has triggered a surge in demand for Russian crude oil, according to energy market sources and reports in the Financial Times.
Recent military actions by the United States and Israel in the region have disrupted the passage of oil tankers through the strategic waterway, prompting global buyers to turn to Russia as an alternative supplier. Analysts say Russia is now selling oil worth $15 million per day internationally.
To stabilize oil prices amid the ongoing geopolitical tensions, the United States has temporarily lifted restrictions on Russian oil exports, allowing additional supply to reach global markets.
The Financial Times further reported that recent oil sales exclusively to China and India generated around $2 billion in tax revenues for Russia, highlighting the financial windfall Russia is gaining despite international sanctions.
Energy experts warn that continued instability in the Persian Gulf could keep global oil markets volatile, impacting prices worldwide.
