Bloomberg estimated the potential growth of Russian revenues due to the conflict in Iran

Iran's restriction of shipping in the Strait of Hormuz has led to an increase in the cost of Russian Urals crude oil, as well as prices for liquefied natural gas, aluminum and other raw materials. This was reported on April 1 by Bloomberg with reference to Argus Media data.

"Russian oil exports could increase by $40 billion if the price of oil remains high through the end of this year," according to an analysis by several European governments.

According to the agency, on Friday, April 1, the average price of Russian Urals oil in the western ports of the country was $93.4 per barrel. If the conflict ends quickly and the strait opens, prices will return to their previous levels within three months, and additional income from oil exports will amount to at least $10 billion.

It is also noted that aluminum prices are approaching a four-year high after Iranian drones and missiles hit two large factories in Bahrain and the United Arab Emirates. According to the agency, this improved the prospects for the Russian metal.

Dark Times: How Asia is saving energy due to the war in Iran

Even if the conflict ends soon, it will not be possible to restore energy supplies quickly.

European Commissioner for Energy Dan Jorgensen announced on March 31 that the European Union (EU) is considering reviving energy crisis measures that were applied in 2022 to deal with market disruptions caused by the war in Iran. According to him, since the beginning of the US and Israeli military operation against Iran, gas prices in the European Union have increased by 70%, and oil prices by 60%.

Russian President Vladimir Putin said on April 1 that the events in Iran are already having a direct impact on energy markets. According to him, the Russian Federation can play an important role in shaping a new architecture of global logistics and international trade by offering partners routes that are advantageous in terms of timing and diversification.

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