As the Iran war upends energy flows, Russia is emerging as the real winner

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Russia is shaping up to be a major beneficiary of the war between U.S.-Israel and Iran, as higher oil prices and temporary sanctions relief boost the value and volume of its crude exports, analysts told CNBC.

The Middle East conflict has rattled global energy markets, sending oil prices sharply higher amid fears of supply disruptions in the Strait of Hormuz, one of the world’s most critical energy corridors.

“Russia stands to gain revenue from higher oil prices, especially as the U.S. has relaxed restrictions on selling Russian crude to India,” said Saul Kavonic, head of energy research at MST Marquee.

Oil prices surged over $100 per barrel on Monday as traders priced in the risk that conflict in the Gulf could disrupt shipments through the Strait of Hormuz, a chokepoint that carries roughly a fifth of the world’s oil supply.