Evil dictator Vladimir Putin is profiting massively from the recent surge in oil prices following the conflict between the US and Israel with Iran. Despite facing long-standing sanctions on the Russian oil sector due to ongoing aggression in Ukraine, Putin is seeing a significant increase in his wealth. Analysis shows that he is making an astonishing half a billion dollars daily as disruptions in oil supplies from the Middle East persist.
The closure of the vital Strait of Hormuz, through which one-fifth of the world’s oil passes, since the beginning of the month due to retaliatory strikes by Iran, has further exacerbated the situation. This closure has led to a decrease in oil and gas exports, as companies and countries fear potential attacks on their tankers by Iran. As a result, some nations are turning to Putin for their oil supply.
Recent analysis by the Centre for Research on Energy and Clean Air (CREA) indicates that Russia has earned £6 billion in less than two weeks from fossil fuel exports. This amount represents a 14% increase compared to February levels. Sanctions advocate Alexander Kirk from Urgewald warned about the implications of the Middle East conflict on global energy dynamics, highlighting how authoritarian oil exporters like Russia benefit when markets are in turmoil.
Kirk further expressed concerns that this influx of money could fuel Putin’s military actions, emphasizing that easing sanctions would not stabilize markets but rather provide Russia with a substantial revenue boost. The recent attacks on vessels in the vicinity of the Strait of Hormuz, including the bombing of two oil tankers in Iraqi waters, serve as grim reminders of the escalating tensions in the region.
Iran has issued warnings that oil prices could skyrocket to $200 per barrel, doubling the already high price. The country’s Islamic Revolutionary Guard Corps has vowed to block oil shipments through the strait, insisting that global oil prices will rise significantly. Additionally, Iran’s involvement in attacks on foreign tankers, as confirmed by Iraqi officials, has raised concerns about the potential for further disruptions in the oil market.
