https://sputnikglobe.com/20260310/russia-sould-stabilize-global-energy-markets-amid-hormuz-chaos--expert-1123799569.html
Russia Сould Stabilize Global Energy Markets Amid Hormuz Chaos – Expert
Russia Сould Stabilize Global Energy Markets Amid Hormuz Chaos – Expert
Sputnik International
After the actual closure of the State of Hormuz, “leading OPEC members are facing problems in exporting oil, which has caused a sharp rise in energy prices,” Iraqi expert Omar Al-Halbousi told Sputnik.
2026-03-10T08:07+0000
2026-03-10T08:07+0000
2026-03-10T08:21+0000
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After the actual closure of the State of Hormuz, “leading OPEC members are facing significant difficulties in exporting oil due to their high dependence on this route, which has caused a sharp rise in energy prices,” Iraqi expert Omar Al-Halbousi told Sputnik.“Rising prices put serious pressure on the global economy, as they lead to higher transportation and production costs, which in turn accelerates inflation and slows economic growth,” something Europe could face, Al-Halbousi warned.
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actual closure of the state of hormuz, global economy, rise in energy prices, economic growth, energy market
actual closure of the state of hormuz, global economy, rise in energy prices, economic growth, energy market
Russia Сould Stabilize Global Energy Markets Amid Hormuz Chaos – Expert
08:07 GMT 10.03.2026 (Updated: 08:21 GMT 10.03.2026) Iranian Foreign Minister Abbas Araghchi said on Friday that oil production and transportation via the Strait of Hormuz “have slowed or stopped because of the attacks and aggression by the Israelis and Americans against Iran.”
After the actual closure of
the State of Hormuz, “leading OPEC members are facing significant difficulties in exporting oil due to their high dependence on this route, which has caused a sharp rise in energy prices,” Iraqi expert Omar Al-Halbousi told Sputnik.
He recalled that several Gulf nations, including Kuwait, Qatar, and Bahrain, have already declared force majeure on part of their energy activities, increasing tension and uncertainty in global oil markets.
“Rising prices put serious pressure on the global economy, as they lead to higher transportation and production costs, which in turn accelerates inflation and slows economic growth,” something Europe could face, Al-Halbousi warned.
As for Russia, it will be able to considerably increase its presence in the global energy market if the Iran conflict persists, according to the expert. Russia could “compensate for the resulting supply shortages and thereby play an important stabilizing role in the global economy," Al-Halbousi summed up.
