Select a language
At least one side has already emerged victorious from the war launched on 28 February with Israeli and American strikes on Iran: the hydrocarbon industry. As the conflict enters its second week, oil and gas prices are rising sharply, fuelling concern in markets and governments.
Despite losing an ally with the death of Iran's Supreme Leader Ali Khamenei, Vladimir Putin's Russia has so far emerged relatively unscathed – at least in the short term. As a major exporter of gas and oil hit by economic sanctions, the Russian economy benefits directly from rising prices.
The situation remains volatile. With Russia’s revenue from gas and oil recently reaching the lowest lev since 2020, the country may seek to use the new profits to push forward with its offensive in Ukraine.
Do you like our work?
Help multilingual European journalism to thrive, without ads or paywalls. Your one-off or regular support will keep our newsroom independent. Thank you!
