Published by Global Banking & Finance Review®
Posted on March 1, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleRussia warns that the closure of the Strait of Hormuz—critical for roughly 20–27% of global oil and LNG flows—could heavily disrupt energy markets and worsen global supply stability amid rising geopolitical tensions and elevated oil prices. Russia also condemned the assassination of Iran’s Supreme L
MOSCOW, March 1 (Reuters) - Russia's foreign ministry said on Sunday that the closure of the Strait of Hormuz to shipping could lead to significant disbalances on the global oil and gas markets.
Trading sources said on Saturday that several tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz after the U.S. and Israel attacked Iran and Tehran said it had closed navigation.
Some 20% of global oil, including from producers Saudi Arabia, the United Arab Emirates, Iraq, Kuwait and Iran, passes through Hormuz along with large volumes of liquefied natural gas from Qatar.
The Russian foreign ministry said that the news of the killing of Ayatollah Ali Khamenei, members of his family and some high-ranking Iranian officials was met with resentment and deep regret in Russia.
With Russian allies ousted in Syria and Venezuela, the fall of Khamenei poses a challenge for Moscow, though the Kremlin has shown little appetite to date for challenging U.S. President Donald Trump over Iran and has been more successful than the West predicted in negotiating with Syria's new rulers.
"The Russian Federation resolutely and consistently condemns the practice of political assassinations and the 'hunting' of leaders of sovereign states, which contradicts the fundamental principles of civilized interstate relations and grossly violates international law," the ministry said in a statement.
The ministry also called for urgent de-escalation, and end to fighting and a return to political and diplomatic efforts.
(Reporting by Vladimir Soldatkin; editing by Guy Faulconbridge )
The Strait of Hormuz is a key passage for about 20% of global oil, connecting producers like Saudi Arabia, UAE, Iraq, Kuwait, and Iran to world markets.
The closure followed attacks by the U.S. and Israel on Iran, leading Tehran to halt navigation through the strait.
A closure could lead to significant imbalances and disruptions in oil and liquefied natural gas shipments, impacting global supply and prices.
Russia condemned political assassinations and stressed the need for urgent de-escalation, advocating a return to diplomatic solutions.
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