MOSCOW — President Vladimir Putin has stated that Russia is ready to restore oil and gas supplies to Europe, provided cooperation is "long-term" and free from political pressure.

The offer follows a dramatic surge in energy costs, with oil prices exceeding $100 per barrel for the first time since 2022. This spike is largely attributed to the ongoing conflict between the U.S., Israel, and Iran, which has severely disrupted global shipping through the Strait of Hormuz.

Market Impacts & Regional Tensions:

• Sanctions & Shortages: While the EU maintains maritime bans, Hungary and Slovakia face acute shortages due to the continued shutdown of the Druzhba pipeline, which was damaged in January.
• Economic Pressure: Hungarian PM Viktor Orbán has formally requested that the EU suspend energy sanctions to stabilize skyrocketing fuel prices, which peaked near $120 earlier this week.
• Pivoting Strategy: Putin emphasized that Russia is actively redirecting its energy exports to "reliable" partners in the Asia-Pacific region but remains open to European buyers who signal a willingness for stable, non-political engagement.

Despite the offer, the EU continues to advance its goal of phasing out all Russian fossil fuels by 2027, even as member states navigate the immediate economic shocks of the Middle East conflict.