JUST IN: Russia’s Kirill Dmitriev Warns Oil Prices May Surge Over $150 per Barrel “Within the Next Two Weeks”
Putin’s Top Economic Envoy Links Sharp Rise to Ongoing Strait of Hormuz Blockade and Middle East Conflict as Global Energy Crisis Deepens
By Reflecto News Staff
April 6, 2026
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF) and special presidential envoy for investment and economic cooperation, has issued a stark warning that global oil prices could exceed $150 per barrel within the next two weeks. The prediction comes amid the continued closure or severe restriction of the Strait of Hormuz, a critical chokepoint for roughly 20% of the world’s oil supply.
Dmitriev made the statement on April 5, 2026, via social media, highlighting the escalating impact of disruptions in the Persian Gulf on global energy markets.
Dmitriev’s Warning and Russia’s Perspective
As a close ally of President Vladimir Putin, Dmitriev has repeatedly framed the current situation as the beginning of the “most severe energy crisis in human history.” He previously forecasted prices rising to $100+, $120–$150, and even $200+ if the conflict and blockade persist. His latest comment ties directly to the ongoing standoff involving Iran, the US, and Israel, where Iranian control over the strait has drastically reduced maritime traffic.
Dmitriev has also noted that Europe’s fuel reserves could be depleted by mid-April, with the last shipments routed through the strait expected to arrive around April 11. He argues that the disruption is exposing vulnerabilities in Western energy policies and could force countries to seek alternatives, including greater reliance on Russian supplies.
The Strait of Hormuz Crisis: Driving the Price Surge
The narrow Strait of Hormuz remains the focal point. Normally carrying about 20–21 million barrels per day of crude oil, condensate, and petroleum products — plus significant LNG volumes — the waterway has seen traffic drop sharply due to Iranian restrictions and security threats.
This has removed millions of barrels from daily global supply, pushing benchmark prices higher. Recent reports show Brent crude and WTI already trading well above $100–$110 in futures, with physical spot prices in some markets climbing even further amid hoarding and rationing concerns in Asia.
Alternative routes and pipelines from Saudi Arabia and the UAE provide only limited relief (around 3.5–5.5 million bpd), far below normal flows. Analysts from JP Morgan and Bloomberg Economics have similarly warned that prolonged closure could drive prices to $150 or higher by mid-May.
Global Economic Implications
A surge to $150+ per barrel would have far-reaching consequences:
- Inflation and Consumer Costs: Higher fuel prices would feed into transportation, manufacturing, and everyday goods, exacerbating inflationary pressures worldwide.
- Regional Impact: Asia, which absorbs the majority of Hormuz oil (especially China, India, Japan, and South Korea), faces acute risks of shortages and economic slowdown.
- Europe’s Vulnerability: Already strained by previous energy shocks, European nations could see rapid depletion of reserves, higher heating and power costs, and potential social unrest.
- Winners and Losers: Russia stands to benefit significantly from elevated prices, with estimates of additional daily revenues in the hundreds of millions, despite Western sanctions. Other producers like the US, if output ramps up, could also gain.
Context Within the Broader Standoff
Dmitriev’s comments arrive as diplomatic and military tensions continue. US President Donald Trump has issued ultimatums for reopening the strait, while Iranian officials, including Parliament Speaker Mohammad Bagher Ghalibaf, have warned of regional escalation. Earlier reports of Trump granting “immunity from death” to Iranian negotiators highlight the mix of threats and talks underway.
Behind-the-scenes efforts, including Oman-mediated contacts, persist, but no breakthrough has been confirmed. Iran continues to link reopening the strait to war compensation and guarantees of sovereignty.
What Lies Ahead
If Dmitriev’s timeline holds and the strait remains restricted, oil markets could face extreme volatility in the coming days and weeks. Energy experts caution that demand destruction, strategic reserve releases, and potential military action to secure shipping lanes could influence outcomes, but a quick resolution appears unlikely.
The situation underscores the fragility of global energy security and the interconnected risks of geopolitical conflict.
Reflecto News will continue monitoring developments, including oil market reactions, official responses from Washington, Tehran, and Moscow, and any updates on maritime activity in the Gulf.
This story is developing.
Sources include statements by Kirill Dmitriev, reports from Izvestia, Reuters, Bloomberg, JP Morgan analysis, EIA/IEA data, and international media.