The Kremlin said on Friday that the ongoing United States-Israeli war on Iran has led to a significant rise in global demand for Russian oil and gas. The announcement came a day after the US Treasury granted India a 30-day waiver to purchase Russian oil stranded at sea. The conflict, now in its seventh day, has nearly closed the Strait of Hormuz, cutting off access to about one-fifth of global oil and liquefied natural gas supplies. Kremlin spokesman Dmitry Peskov said Russia remains a reliable supplier capable of maintaining all contracted deliveries but declined to disclose potential export volumes to India.

International Energy Agency Executive Director Fatih Birol warned that turning back to Russian gas would be economically and politically misguided, emphasizing Europe’s past overreliance on Russian energy. European Commission President Ursula von der Leyen pledged to present options to address rising energy prices at an upcoming EU summit. Meanwhile, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times that Gulf producers may halt exports if the conflict persists, potentially driving oil prices to $150 a barrel and gas to $40 per million British thermal units.

Benchmark US crude rose 4.1 percent to $84.36 per barrel, while Brent crude climbed 1.7 percent to $87, nearing its highest level since April 2024.