In a recent government meeting, Russian President Vladimir Putin highlighted the critical situation concerning Gulf oil production, noting that increased conflicts in the Middle East, particularly involving the US and Israel against Iran, pose significant risks to the global energy supply. Citing last year’s data, Putin pointed out that about one-third of the world's sea-borne oil exports, equivalent to 14 million barrels per day, passed through the Strait of Hormuz, with the majority heading to Asian markets. He emphasized that the strait is currently de-facto closed, signaling a growing crisis in oil transportation.

Putin further elaborated on the severe drop in oil traffic through the Strait, which has reportedly decreased by 80% in the past week following military actions initiated by the US and Israel. The ongoing conflict has escalated tensions, with Iran retaliating against strikes that have already impacted numerous tankers. This situation has resulted in crude oil prices spiking above $100, raising the prospect of emergency measures being considered by major economies, including the European Union.

The implications of this situation extend far beyond the immediate region, as any disruption in Gulf oil production could lead to profound economic repercussions globally. With substantial supplies at risk, energy-dependent nations may face increased prices and potential shortages, prompting urgent discussions about energy security and alternate sources of supply in the context of international relations and geopolitical stability.