Commodity Windfalls Are Rolling Into Russia From War in Iran

The Iran war has generated billions of dollars of additional oil revenues for Russia, but Moscow’s windfall extends well beyond crude to gas, grain, aluminum and fertilizers.

Tehran’s stranglehold on the Strait of Hormuz has choked off Persian Gulf crude flows, boosting the price of Russia’s flagship Urals grade. But the waterway is also an important conduit for shipments of aluminum, liquefied natural gas and some fertilizers. As supplies have been squeezed, prices have surged — aluminum by 12% and urea by almost three-quarters since the start of the conflict.