Russia Warns Ukraine Strikes on Oil Sites Could Fuel Oil Price Hikes

(MENAFN) Kremlin spokesman Dmitry Peskov cautioned Sunday that Ukrainian attacks on Russian oil facilities risk accelerating a global crude price surge already exceeding $120 per barrel.

Peskov issued the warning in direct response to Ukrainian President Volodymyr Zelensky, who publicly acknowledged defying Western pressure to spare Russia's oil infrastructure from military strikes.

"If additional volumes of our oil are removed from the market, prices will climb further from current levels, which are already above 120 U.S. dollars," Peskov said, noting that tensions in the Strait of Hormuz have already left the global oil market facing a major supply shortfall.

The Kremlin spokesman argued that even a reduced export flow would ultimately benefit Moscow financially, suggesting that higher prices would offset lower shipment volumes and generate increased state revenues.

"But most importantly, we must keep working to insulate ourselves against further risks" posed by such attacks launched by Kiev, Peskov added.

On the battlefield, Russia's Defense Ministry reported Sunday that its air defense systems intercepted 740 Ukrainian drones along the front lines within a single 24-hour period — a figure underscoring the intensifying pace of drone warfare as both sides escalate strikes deep into each other's territory.

MENAFN03052026000045017169ID1111063924