Iran's threats to ships in the Strait of Hormuz have caused a rise in global oil prices, which could increase Russia's revenues. Brent crude oil prices reached $82.37 per barrel on March 2.
Threats from Iran to ships transiting the Strait of Hormuz are causing significant spikes in global oil prices, which could increase Russia's oil revenues. This is stated in a material by the Institute for the Study of War (ISW), reported by UNN.
Details
It is noted that Brent crude oil futures prices peaked at $82.37 per barrel on March 2, compared to $73 at market close on February 27, immediately before joint US-Israeli strikes against Iran.
According to analysts, reports of Iranian strikes on several oil tankers linked to the US and UK, and threats from the Islamic Revolutionary Guard Corps (IRGC) to ships transiting the strait, led to a reduction in shipping in the Persian Gulf by at least 33 percent as of March 1.
Oil prices are likely to continue to rise in the coming days in response to the situation in the Middle East … to $90-100 per barrel. Russia has always relied on oil and gas revenues to finance its war in Ukraine, but revenues have steadily fallen throughout 2025, and Russian authorities expect oil and gas revenues to continue to fall in 2026.
– ISW indicates.
They add that Russia has had to resort to other ways of generating revenue, such as selling gold reserves and raising value-added tax, to compensate for declining oil and gas revenues.
"Sustained high oil prices could keep Russia afloat economically and allow it to finance its war in Ukraine in the medium term. However, it is unlikely that Iran will be able to successfully and indefinitely impose a blockade of the Strait of Hormuz long enough for Russia to reap long-term benefits from the current rise in oil prices," ISW concludes.
Recall
Iran has closed the Strait of Hormuz, the Islamic Revolutionary Guard Corps forces said. They added that the military would set fire to any vessel attempting to pass.
Oil prices are rising due to the war in Iran – what will happen to fuel for Ukrainians02.03.26, 15:33 • 17470 views
