Moscow sees significant rise in demand for Russian oil, gas amid Iran war
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Amid the ongoing US-Israeli war on Iran in March 2026, the Kremlin reports a significant increase in global demand for Russian oil and gas. The conflict has effectively shut down the Strait of Hormuz, disrupting a fifth of global oil and liquefied natural gas supplies. Russia, despite its own war in Ukraine, asserts its reliability as an energy supplier via pipelines and in liquefied form. This surge in demand comes as the US Treasury issued a 30-day waiver allowing India to purchase Russian oil stuck at sea, following pressure and tariffs aimed at curbing such purchases. However, the International Energy Agency warns against a return to reliance on Russian energy, deeming it economically and politically unsound.
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