Russia is showing a truly wild, split reaction to the latest escalation in the Middle East. President Vladimir Putin came out with a somber message condemning the US-Israel strikes as a “cynical violation of all norms,” and mourning the death of Iranian Supreme Leader Ayatollah Ali Khamenei. Meanwhile, other powerful figures in Moscow are practically cheering about the potential for massive oil price hikes.
With the closure of the Strait of Hormuz, this could be a potential windfall for Russia’s war chest. For those who aren’t familiar, this is a super-narrow waterway that’s a crucial choke point for tankers carrying oil and liquefied natural gas out of the Persian Gulf. Per Politico, it’s causing massive speculation that global crude prices could skyrocket, which would be a huge boost to Russian revenues.
