Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine.

With the exception of Russia’s invasion of Ukraine, big swings in oil have been driven by broader geoeconomic trends

Ukrainian Foreign Minister Andrii Sybiha has called for tougher energy sanctions against Russia after Russia bombarded Kremenchuk and ahead of the G7 summit in Canada. Source: Sybiha on X (Twitter) Details: Sybiha noted that the barbaric attack on Kremenchuk's energy infrastructure is part of Russia's campaign to bomb Ukraine's civilian energy

Leaders from the Group of Seven nations begin annual talks on Monday amid wars in Ukraine and the Middle East that add to global economic uncertainty, as host Canada tries to avoid a clash with U.S. President Donald Trump.

Oil prices surged yesterday, ending the day with a 3.75% gain as OPEC+ surprised markets with a supply increase that came in below expectations. Click to read.

Sir Keir Starmer has warned that this week’s explosive developments in the Middle East will deal a blow to the cost of living for ordinary Britons. Speaking ahead of his arrival in Canada for the G7, the Prime Minister voters will be seeing “the impact already on the economy and on oil prices.”

The European Union wants to lower a cap on the price of Russian oil to deprive the Kremlin of profits to fund its war in Ukraine.

Gas prices are edging lower as June begins, even as crude oil prices are climbing, AAA Oregon/Idaho reported Tuesday. The Ukrainian attacks on Russia are putting upward pressure on oil prices, but prices remain below $65 per barrel.

A sharp rise in global oil prices after Israeli strikes on Iran will benefit Russia and bolster its military capabilities in the war in Ukraine, Volodymyr Zelensky has said.

When Israel first started bombing Iran, many in Russia saw it as an opportunity, a means of drawing support and attention away from Ukraine.