Brent crude spiked more than 5% to almost $110 a barrel on Wednesday after Israel struck the world's largest natural gas reserve in a coordinated operation with the United States. The attack marks the first time Iran's upstream oil and gas infrastructure, as opposed to those in the gulf, has been targeted since the war began on Feb. 28.
We are seeing a significant increase in demand for Russian energy resources in connection with the war in Iran. Russia has been and remains a reliable supplier of both oil and gas including pipeline gas and liquefied natural gas, and it also remains capable of guaranteeing the continuity of all deliveries for which contracts have been concluded.