The US attacked three nuclear facilities in Iran, forcing oil prices to soar to $100 per barrel, but this will not benefit Russia.

US President Donald Trump stated that on the night of June 22, US aircraft targeted three nuclear sites in Iran – in Fordow, Natanz, and Isfahan. He specified that the operation was intended to eliminate the threat posed by Iran’s nuclear capabilities. These facilities “have been completely and irreversibly destroyed.” Trump warned Tehran about further US military action, noting that “there are many more targets left” in Iran in addition to those attacked on June 22, which were the most challenging to destroy. Trump emphasized that Iran must immediately pursue peace. Markets had no time to react to the US strikes on Iran’s nuclear facilities, as they were closed over the weekend, but analysts predict a significant rise in oil prices. The biggest risk remains the potential blockage of the Strait of Hormuz, through which about 20% of the world’s oil is exported; in such a case, oil prices could jump to $90 or even to $100 per barrel if Iran responds harshly.

However, price stabilization in the longer term has not been ruled out. It is also worth noting that Russian Urals oil has recently been trading above the G7 threshold of $60 per barrel. However, Russia will not benefit as much from the increase in oil prices due to the strengthening of the ruble, as exports will yield 30% fewer rubles from each barrel sold.