International Energy Agency warns against a politically and economically wrong return to reliance on Russian energy.
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The Kremlin has said the United States-Israeli war on Iran had prompted “a significant increase in demand” for Russian energy products, a day after the US Treasury issued a 30-day waiver allowing India to buy Russian oil currently stuck at sea.
The conflict, which entered its seventh day on Friday, has left the Strait of Hormuz, a critical shipping passage, all but shut, with countries around the world scrambling as they are cut off from a fifth of global oil and liquefied natural gas supplies.
