Kremlin Warns Ukraine Oil Strikes Could Push Global Prices Higher

(MENAFN) The Kremlin has said that Ukrainian attacks on Russian oil infrastructure could lead to further increases in global oil prices, according to reports.

As stated by reports, Kremlin spokesman Dmitry Peskov warned on Sunday that any reduction in Russia’s oil supply to international markets would result in a sharper rise in prices. He was responding to comments by Ukrainian President Volodymyr Zelensky, who said he had disregarded Western calls not to target Russian oil facilities.

“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. He also noted that tensions in the Strait of Hormuz have already contributed to what he described as a significant global supply shortfall.

Peskov added that even if export volumes decline, Russian companies could still see higher revenues due to increased prices, which would ultimately boost state income. However, he emphasized that efforts should continue “to insulate ourselves against further risks” posed by Ukrainian attacks.

In addition, as stated by reports, Russia’s Defense Ministry said its air defense systems intercepted 740 Ukrainian drones over frontline areas within a 24-hour period.

MENAFN03052026000045017640ID1111064256