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Russia Profits as Middle East Conflict Drives Oil Prices

3/12/2026

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Summary

Story summary

European Council President Antonio Costa says Russia benefits from the Middle East conflict as energy prices rise.
Oil supplies have disrupted markets, pushing prices above $100 per barrel and strengthening Russia's finances.
U.S. Defense Secretary Pete Hegseth warned Russia against involvement in the Iran conflict.
The European Union is intensifying diplomatic efforts on energy security and potential military support for affected regions.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, leading to a 400% surge in oil prices. This crisis marked a shift in global energy dynamics, highlighting the geopolitical struggles over energy security, a theme that resonates today as rising prices exceed $100 per barrel amid ongoing conflicts.

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Story summary

European Council President Antonio Costa says Russia benefits from the Middle East conflict as energy prices rise.
Oil supplies have disrupted markets, pushing prices above $100 per barrel and strengthening Russia's finances.
U.S. Defense Secretary Pete Hegseth warned Russia against involvement in the Iran conflict.
The European Union is intensifying diplomatic efforts on energy security and potential military support for affected regions.

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