Novak expressed hope for avoiding the closure of the Strait of Hormuz.

The Russian Federation hopes that it will be possible to avoid the closure of the Strait of Hormuz, which could provoke price increases. This was announced on June 19 by Russian Deputy Prime Minister Alexander Novak.

"I hope that there will be no such, say, force majeure, however, nothing can be ruled out. This is the so-called uncertainty that affects the market, and the market will certainly react in some way," he said on the Rossiya—1 TV channel.

According to Novak, one third of the world's oil exports pass through the Strait of Hormuz from the Persian Gulf countries. Therefore, the overlap can affect the market and become a "shock" for it.

Shock shock: the effects of the Iran-Israel war on the economy

In case of closure of the Strait of Hormuz, oil prices may exceed $100

Earlier, Focus magazine reported that Iran's possible closure of the Strait of Hormuz due to the escalation of the conflict with Israel could seriously affect China's maritime trade. The country imports about 1.8 million barrels of oil from Iran daily, accounting for a significant portion of China's total crude oil imports.