Putin warns of energy crisis – sees opportunity for Russia

Russian President Vladimir Putin warned that the war in Iran could trigger a global energy crisis and disrupt vital oil shipments through the Strait of Hormuz.

Speaking about the conflict in the Middle East, Putin said there is a risk that oil flows through the strategic maritime route could come to a complete halt. Such a scenario, he warned, would have serious consequences for global energy supplies.

The Russian leader also signalled that Moscow is ready to resume long-term energy cooperation with European customers if they are willing to return to contracts without political conditions.

At the same time, Putin urged Russian energy companies to take advantage of the current situation in the Middle East. However, he cautioned that the recent surge in oil and gas prices may not last and could prove to be only a temporary reaction of global markets to geopolitical tensions.

(reuters, mja)