Moscow: President Vladimir Putin has issued a warning about the potential consequences of military tensions in the Gulf region, emphasizing that oil production and supplies connected to the Strait of Hormuz could face a "complete halt" as soon as next month. This development is anticipated to create a significant shock to global energy markets.

According to National Iraqi News Agency, Putin has directed Russian oil companies to "take advantage of the current situation" in the Middle East. This move suggests a strategic intent to increase Russia's market share as a reliable energy provider amid disruptions in supply chains through the Gulf region.

The Russian president highlighted that the global oil market is undergoing a challenging transition. He stated that "radical changes in the logistics of oil shipments and their global routes will not happen overnight; rather, they will take a long time and require significant investment."