Vladimir Putin warns of global energy market instability due to Middle East crisis

On March 9, 2026, Russian President Vladimir Putin addressed a governmental meeting regarding the international oil and gas market. He stated that the escalating conflict in the Middle East poses a significant threat to global energy stability, warning that oil transit through the Strait of Hormuz could potentially stop within a month. Putin noted that production levels are already declining and regional storage facilities are filling with supply that cannot be exported. He emphasized that redirecting these exports without using the Strait of Hormuz is currently not feasible. The president asserted that these events validate previous Russian warnings regarding regional destabilization. Additionally, Putin expressed a willingness to resume cooperation with European partners if they demonstrate a desire for non-politicized, long-term collaboration. He urged Russian companies to capitalize on current market conditions despite noting that price spikes may be temporary.