How Russia stands to win, lose as Iran war squeezes Gulf oil exports

“The idea that Russia is the clear winner is too simplistic, because the current crisis is not only about prices but also about logistics, shipping capacity and broader economic effects...a prolonged Gulf crisis and high prices could weaken global oil demand and undermine economic activity, particularly in emerging markets that are sensitive to fuel costs. “If global growth slows, oil demand may soften, which would limit how long elevated prices can last and therefore cap the potential gains for Russia,” said Katinas.