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Russian Envoy Warns Oil Prices Could Surge Past $150 as Strait of Hormuz Blockade Looms
Kirill Dmitriev, Russia's special envoy and head of RDIF, has warned that oil prices could surpass $150 per barrel, linking the potential surge to the blockade of the Strait of Hormuz announced by US President Donald Trump. He also suggested that oil prices are being artificially kept below $100 per barrel, citing a widening spread between physical and futures prices.
By Tertius News AI Desk1 distinct · 1 masthead · 3 articlesVersion 1Coverage Published
Lead
A senior Russian official has warned that global oil prices could surpass $150 per barrel as the United States begins a blockade of the Strait of Hormuz, a strategic waterway through which a significant portion of the world's oil passes. Kirill Dmitriev, Russian President Vladimir Putin's special envoy for investment and economic cooperation and CEO of the Russian Direct Investment Fund (RDIF), made the statement on his X (formerly Twitter) account, according to reports from the Russian state news agency TASS.
Coverage Comparison
All three reports come from TASS, the Russian state news agency, which has known strengths in conveying official Russian government positions but is also recognized for its state-controlled editorial line. The coverage spans several days and reflects Dmitriev's evolving commentary on oil markets.
The first report, dated April 12, quotes Dmitriev as saying that "$150+ oil may be reached as early as this week" following President Trump's announcement of the Strait of Hormuz blockade. A second report from April 5 notes his earlier prediction that oil could exceed $150 per barrel within two weeks, as well as a prior forecast that oil futures would converge with physical oil prices within one to two weeks.
The third report, from April 14, focuses on Dmitriev's claim that oil prices are being "artificially" kept below the "psychological limit" of $100 per barrel. This article includes a rhetorical question from Dmitriev, who wondered who might be "powerful, motivated, and well-financed" to keep selling oil futures, or whether it was simply "Adam Smith's invisible hand of the market."
Key Claims
According to a TASS report dated April 12, Dmitriev warned that oil prices may surpass $150 per barrel as early as this week. The warning was made after US President Donald Trump announced the beginning of the blockade of the Strait of Hormuz.
Dmitriev also stated that the longer the Strait of Hormuz remains shut, the higher oil and natural gas prices will rise, leading to a more severe energy crisis in the EU and UK, as reported by TASS.
A separate TASS report from April 5 cites Dmitriev as predicting that oil prices could exceed $150 per barrel within the next two weeks. In that same context, he reiterated his earlier forecast that oil futures would equal physical oil prices within one to two weeks.
In a TASS report from April 14, Dmitriev posited that oil prices are being artificially kept below the "psychological limit" of $100 per barrel, questioning who might be behind such an effort. He noted that the spread between physical oil and futures had increased to over $30–$40.
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Claim
Confidence
Status
ClaimKirill Dmitriev warned that oil price may surpass $150 per barrel. The warning was made after US President Donald Trump announced the beginning of the blockade of the Strait of Hormuz.