Closure of Strait of Hormuz Boosts Demand for Russian Oil

The closure of the Strait of Hormuz has triggered turbulence in global energy markets and significantly increased demand for oil from Russia.

According to reports, the ongoing conflict and attacks by the United States and Israel have disrupted oil supply routes after the strategic waterway was closed.

As a result, Russian oil exports have surged, with Moscow reportedly selling around $150 million worth of oil per day to global markets.

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Meanwhile, the United States has temporarily eased restrictions on the sale of Russian oil in an effort to stabilize rising global oil prices caused by the crisis.

The American publication Financial Times reported that Russia recently earned nearly $2 billion in tax revenue from oil sold specifically to China and India.

Experts say that if tensions in the region persist, Russia could continue to benefit from higher demand and increased energy revenues.