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In the Middle East, chaos is Putin's new ally

If anyone was worried that Russia was going to intervene on behalf of its ally Iran in the new Middle East conflict, they need not be. Vladimir Putin's response to the massive U.S.-Israeli campaign against Iran — and even the Israeli strike that killed Ayatollah Ali Khamenei, Iran's longtime Supreme Leader — was at best bland. He called the U.S. and Israeli strikes "cynical" and murderous, but issued neither threats, nor red lines, nor commitments to help Iran. To understand Putin's restraint,

Russia’s President Vladimir Putin in Moscow, on Feb. 23, 2026.

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As markets opened on March 2, Russian officials were quick to frame the escalating Middle East crisis as an economic opportunity for the Kremlin. Within hours of the first U.S. and Israeli strikes, Russian Envoy Kirill Dmitriev quickly posted on X about crude potentially hitting "$100+" per barrel. Brent crude futures on the London ICE exchange initially had risen 13.04%, peaking at $82.37 per barrel — the highest level in over a year. Prices later eased to $79.38. The spike followed Iran's M

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