ISW explains how Middle East tensions may play into Russia-Ukraine war
Rising oil prices could play into Putin’s hands (Photo: Getty Images)
The sharp rise in global oil prices following Israeli strikes on Iran could benefit Russia in its military efforts against Ukraine, according to a report by the Institute for the Study of War (ISW).
"Oil price increases following Israeli strikes against Iran may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine," analysts believe.
After the Israeli Defense Forces carried out operations in Iran, Brent crude futures jumped more than 5%, reaching $74.47 per barrel. According to ISW, oil and gas revenues accounted for about 30% of Russia’s total federal income in 2024.
As analysts noted, growing economic pressure on Russia is steadily eroding its ability to sustain prolonged military campaigns against Ukraine. Earlier, Russian President Vladimir Putin complained that any drop in oil prices could lead to the destabilization of the Russian economy.
“Russia may be able to leverage sudden upticks in oil prices to weather economic challenges and finance a protracted war in Ukraine, assuming the price of oil remains high (such as over $60 per barrel),” the ISW explained.
Aftermath of Israel’s strike on Iran
On June 13, the Israel Defense Forces carried out a series of strikes on Iranian military and nuclear facilities. The attacks had a noticeable impact on global stock markets, as well as gold and oil prices.
The price of Brent crude oil rose to its highest level since April 2025. Meanwhile, stock markets closed with falling indexes.
