Author: Paul Sonne and Jeanna Smialek
Published on: 07/03/2026 | 00:00:00

AI Summary:
Russia Revels in a Sudden Reversal in Fortunes as Oil and Gas Prices Soar. The Kremlin is enjoying a sudden resurgence of its importance as a global supplier of oil and gas. Mr. Putin did not mention President Trump or what he had earlier called the “cynical murder” of Iranian supreme leader Ayatollah Ali Khamenei. European gas futures have risen by more than 60 percent since the Iran conflict began last weekend. Iranian oil is subject to Western sanctions, but the disruption to production and transit in both Iran and the rest of the Gulf has driven up prices globally for all buyers. Norway’s energy minister, Terje Aasland, said on Tuesday that the soaring gas prices would revive a debate about how much pain the European Union was willing to endure in its efforts to starve Moscow’s war machine. Yet Europe has so far European nations have turned to other providers, including the United States. Looking to Russia as an alternative option for gas, he said, would be “economically and in my view, politically wrong” Hungary and Slovakia still heavily rely on Russia for oil imports. Ukraine has said that the pipeline was damaged by Russian strikes. In Asia, India has returned to buying Russian oil after receiving 30-day waiver from the Trump administration. Mr. Putin’s special envoy for foreign investment and economic cooperation wrote that the world now realized that Russia was a “must-have supplier of energy” Earlier in the week, Mr. Dmitriev used rocket emojis in predicting that oil prices would soon exceed $100 a barrel. Russia has been eager to move forward on the project for years, but China has slow-rolled it. Mr. Trump has said the campaign against Iran could continue for four to five weeks, or possibly longer. The barrage of missile strikes that marked the first days of the war has now dropped by 90 percent. Lebanon is waiting to see if the government seizes on this moment to take decisive action against Hezbollah. A body of evidence assembled by The New York Times indicates the school building was severely damaged by a precision strike that occurred at the same time as attacks on an adjacent naval base operated by the Islamic Revolutionary Guards Corps. Iran’s foreign minister accused the United States of committing an “atrocity at sea” after an American submarine torpedoed an Iranian frigate off the southern coast of

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