The war in Iran is spiking global oil prices, and Russian President Vladimir Putin couldn’t be happier.
The war has bottled up one-fifth of the world’s oil, putting a premium on the remaining supply, including Russian barrels.
Earlier this month, the U.S. issued a 30-day waiver that allows countries to buy Russian oil already at sea without the fear of sanctions, which the U.S. has steadily imposed on the country and those that buy oil from its largest producers since its full-scale invasion of Ukraine in 2022.
Treasury Secretary Scott Bessent has said the “deliberately short-term measure will not provide significant financial benefit to the Russian government.” But after years of big discounts and covert tactics to sell their oil abroad, the easing of Russian sanctions has already given Putin and other Russian officials new confidence, as well as hope that this U.S. leniency will last longer than its April 11 expiration date.
Oil going up a few cents per gallon temporarily does not make up for the loss (or at least devastation) of Iran. Cuba is about to face some sort of change while Venezuela has flipped. Syria is no longer a close Russian ally. Russian „shadow tankers“ are being intercepted. If we count Russian killed and wounded in Ukraine as a US state it would have greater population than (any one of) Maine, Hawaii, New Hampshire, Vermont, Rhode Island, Delaware, Montana, both Dakotas, Alaska, and Wyoming. The Russian economy is in tatters and finally, after 30 years of the US begging them to, Europe is (kind of) rearming.
This is by far the worst geopolitical situation Russia has been in since the fall of the Soviet Union. Can we use our brains a little and not just read the words „Trump bad, Iran won“ and cheer like idiots? The actual geopolitical situation, regardless of your political opinion, has been outrageously and violently pro-West in almost every single possible theater.
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The war in Iran is spiking global oil prices, and Russian President Vladimir Putin couldn’t be happier.
The war has bottled up one-fifth of the world’s oil, putting a premium on the remaining supply, including Russian barrels.
Earlier this month, the U.S. issued a 30-day waiver that allows countries to buy Russian oil already at sea without the fear of sanctions, which the U.S. has steadily imposed on the country and those that buy oil from its largest producers since its full-scale invasion of Ukraine in 2022.
Treasury Secretary Scott Bessent has said the “deliberately short-term measure will not provide significant financial benefit to the Russian government.” But after years of big discounts and covert tactics to sell their oil abroad, the easing of Russian sanctions has already given Putin and other Russian officials new confidence, as well as hope that this U.S. leniency will last longer than its April 11 expiration date.
Read more: [https://fortune.com/2026/03/23/vladimir-putin-iran-war-oil-prices-donald-trump-middle-east-oil-crisis-hormuz-strait/](https://fortune.com/2026/03/23/vladimir-putin-iran-war-oil-prices-donald-trump-middle-east-oil-crisis-hormuz-strait/)
Oil going up a few cents per gallon temporarily does not make up for the loss (or at least devastation) of Iran. Cuba is about to face some sort of change while Venezuela has flipped. Syria is no longer a close Russian ally. Russian „shadow tankers“ are being intercepted. If we count Russian killed and wounded in Ukraine as a US state it would have greater population than (any one of) Maine, Hawaii, New Hampshire, Vermont, Rhode Island, Delaware, Montana, both Dakotas, Alaska, and Wyoming. The Russian economy is in tatters and finally, after 30 years of the US begging them to, Europe is (kind of) rearming.
This is by far the worst geopolitical situation Russia has been in since the fall of the Soviet Union. Can we use our brains a little and not just read the words „Trump bad, Iran won“ and cheer like idiots? The actual geopolitical situation, regardless of your political opinion, has been outrageously and violently pro-West in almost every single possible theater.