President of Russia Vladimir Putin stated that attempts to destabilize the situation in the Middle East will inevitably lead to higher energy prices and disrupt global hydrocarbon supplies.

Axar.az reports, citing Izvestia, he made these remarks on March 9 during a meeting on the global oil and gas market.

“Russia has warned that attempts to destabilize the situation in the Middle East will inevitably jeopardize the global fuel and energy complex: they will raise oil and gas prices, restrict the supply of these resources worldwide, and undoubtedly disrupt long-term investment plans,” the Russian leader said.

The armed conflict in the Middle East has already pushed up oil prices.

On Monday, March 9, Brent crude futures on the London ICE Futures exchange reached $117.7 per barrel, an increase of $24.14 compared to previous trading sessions, marking the highest level since mid-2022.