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The unintended winner of an Iranian oil shock

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

Any comparison of the US-Iran conflict to the Russia-Ukraine war is ignorant

As President Donald Trump ordered U.S. forces to begin their assault on Iran, David Hearst, the editor-in-chief of the Middle East Eye, a Qatari-funded, Al Jazeera offshoot, declared, "There is a chilling but uncanny resemblance in the way Donald Trump is preparing to attack Iran, and the way Vladimir Putin invaded Ukraine." It is an ignorant statement infused with moral confusion. On July 12, 2021, Russian President Vladimir Putin published "On the Historical Unity of Russians and Ukrainians"

Smoke rises after a series of explosions are heard in Tehran, Iran, on March 1, 2026.

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The Kyiv Independent’s Business Desk covers the biggest news in business, economics, and tech from Ukraine, as well as global developments that shape the economy of the region.

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