IRAN WAR DOUBLES RUSSIA’S MAIN OIL REVENUE: REPORT

Thu 09 April 2026:

Russia will see revenue from its biggest single oil tax double due to the oil and gas crisis triggered by the US and Israeli attack on Iran, a Reuters news agency report says.

Iran effectively shut the Strait of Hormuz – a route for about a fifth of global oil and LNG flows – after US and Israeli air raids on Iran at the end of February, sending Brent futures shooting well past $100 per barrel.

According to Reuters calculations based on preliminary production data and oil prices, Russia’s mineral extraction tax on oil output will increase in April to about 700 billion roubles ($9bn) from 327 billion roubles in March.

The calculation is some of the first concrete evidence of a windfall for Russia, the world’s second-largest oil exporter, from the war on Iran, which oil traders say has triggered the most serious energy crisis in recent history.

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ADNOC chief calls on Iran to open Strait of Hormuz ‘unconditionally’

The chief executive of Abu Dhabi National Oil Company (ADNOC) has called on Iran to open the Strait of Hormuz “unconditionally” without any “strings attached”.

“Iran has made clear – through both its statements and actions – that passage is subject to permission, conditions and political leverage. That is not freedom of navigation. That is coercion,” said Sultan Al Jaber in a post on LinkedIn.

The Strait was not built, engineered, financed or constructed by any state, added the head of the state-owned entity.

“It is a natural passage governed by the United Nations Convention on the Law of the Sea, which guarantees transit as a matter of right; not a privilege to be granted, withheld or weaponised,” he said.

“The Strait must be open – fully, unconditionally and without restriction. Energy security and global economic stability depend on it. The weaponization of this vital waterway, in any form, cannot stand.”

Analysis: Situation in Strait of Hormuz ‘very uneasy’

C Uday Bhaskar, a maritime analyst and director of the Society for Policy Studies in New Delhi, tells Al Jazeera the current situation in the Strait of Hormuz is “very uneasy”.

“There is a lot of uncertainty about what Iran is trying to impose as the new regulations, and this is reflected really in the anxiety in the markets,” he said.

He added that from the time the ceasefire between the US and Iran was announced, the number of ships that transited the Strait of Hormuz has only been a handful, compared with its usual pre-war traffic of about 135 ships.

“I think there will be a little more clarity after the [ceasefire] talks in Islamabad on Friday … about the new route Iran is proposing,” he said.

He highlighted that it is also important for vessels to be cautious while transiting the strait, since Iran has said it has planted mines to prevent any amphibious assault from the US.

He added that such caution is not new, since waters were mined even during the Iran-Iraq war, and ships transited safely by avoiding areas deemed to be hazardous.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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