Russia is shaping up to be a major beneficiary of the escalating energy crisis in the Persian Gulf, analysts told CNBC.

Oil prices exceeded $100 per barrel on Monday, reaching peaks unseen since 2022, as the Iran war triggered a global energy crisis.

Russia is shaping up to be a major beneficiary of the escalating energy crisis in the Persian Gulf, analysts told CNBC.

The Iran war is restricting shipments of Saudi and Iraqi oil through the crucial Strait of Hormuz. That's raising prices on gas and other items.

From fuel caps to four-day work weeks, the Middle East conflict has left the world’s top crude oil importing region desperate to shore up supplies

Countries around the world are feeling the impact of the conflict and the resulting energy price shock.

China consumes around 90% of Iran’s oil exports, so could be forced to rely on alternative suppliers – particularly Russia, says Adam Hanieh of the Soas Middle East Institute