Russia warns of oil choke due to closure of Strait of Hormuz

Russia sees “significant disbalances” in oil and gas markets as navigation halts

Russia's foreign ministry said on Sunday that the closure of the Strait of Hormuz to shipping could lead to significant disbalances on the global oil and gas markets.

Trading sources said on Saturday that several tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz after the US and Israel attacked Iran and Tehran said it had closed navigation.

Some 20 percent of global oil, including from producers Saudi Arabia, the United Arab Emirates, Iraq, Kuwait and Iran, passes through Hormuz along with large volumes of liquefied natural gas from Qatar.

The Russian foreign ministry said that the news of the killing of Ayatollah Ali Khamenei, members of his family and some high-ranking Iranian officials was met with resentment and deep regret in Russia.

With Russian allies ousted in Syria and Venezuela, the fall of Khamenei poses a challenge for Moscow, though the Kremlin has shown little appetite to date for challenging US President Donald Trump over Iran and has been more successful than the West predicted in negotiating with Syria's new rulers.

"The Russian Federation resolutely and consistently condemns the practice of political assassinations and the 'hunting' of leaders of sovereign states, which contradicts the fundamental principles of civilized interstate relations and grossly violates international law," the ministry said in a statement.

The ministry also called for urgent de-escalation, and end to fighting and a return to political and diplomatic efforts.