FT News Briefing US-Iran war boosts Russian oil revenues
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Mar 13, 2026 
Anastasia Stogny, a Russia correspondent tracking Moscow’s economy and energy revenues. Charles Clover, a defence and security analyst on regional military threats. They explore how the US‑Iran war reshaped oil markets and sent extra revenue to Moscow. They discuss Iran’s maritime threats, regional targeting and the wider risks to global oil supply. Central banks’ reactions to energy shocks are also previewed.
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Gulf Loses Billions As Strait Of Hormuz Closes
- Gulf oil producers lost about $15 billion in energy revenues since the U.S. and Israel attacked Iran.
- The Strait of Hormuz closure trapped millions of barrels and pushed Brent crude above $100 a barrel, hurting equities and lifting bond yields.
Iran Seeks Deterrence Through Sustained Low‑Level Attacks
- Iran aims to establish deterrence by inflicting ongoing pain to stop future U.S. attacks.
- Charles Clover says even low-rate daily strikes can maintain pressure because some will get through and pose a real threat.
Damage Is Unclear Because Iran Hid Key Military Assets
- The U.S. claims over 5,000 strikes on Iran but much of Iran's military was moved underground.
- Charles Clover notes uncertainty about actual damage because Iran concealed assets and missile stockpiles.