Christof Rühl

Rühl stated, "there is absolutely no doubt that the biggest winner of all of this is Russia," citing a 50% oil price increase and that Russian oil is being released to global markets. Higher global oil prices and discussions to potentially unsanction some Russian oil directly improve Russia's export revenue and fiscal position, providing relief from prior budget constraints. Russia's economy and its oil sector stand to gain significantly from the sustained geopolitical premium and improved market access. A swift de-escalation and reopening of the Strait of Hormuz, leading to a rapid normalization of oil prices and supply.