US-Iran war boosts Russian oil revenues
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 March 2026
⏱️ 13 minutes
🧾️ Download transcript
Summary
Gulf oil producers have lost billions of dollars in energy revenues since the start of the US-Iran war, but there is one country benefiting: Russia. It is earning as much as $150mn a day in extra budget revenues from its oil sales. Plus, the FT’s defence and security correspondent Charles Clover explains what may come next in the conflict.
Mentioned in this podcast:
Gulf states lose $15bn in energy revenues since start of war
Iran’s new supreme leader vows to keep Strait of Hormuz closed
‘Sitting ducks’: oil tankers trapped in Gulf as Iran widens attacks on shipping
Russia rakes in $150mn a day in extra revenue from surging oil prices
Note: The FT does not use generative AI to voice its podcasts
Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Victoria Craig, Sonja Hutson, and Saffeya Ahmed. Our show was mixed by Kent Militzer. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:04.4 | Today is Friday, March 13th, and this is your FT News Briefing. |
| 0:08.6 | The Gulf states are getting slammed by the war in Iran, and we'll take a look at how long the conflict might actually last. |
| 0:15.7 | Plus, Russia is benefiting from the surge in oil prices, but how much of a difference will it make for Moscow? |
| 0:22.3 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:34.3 | Oil producers and the Gulf states have lost an estimated $15 billion in energy revenues since the U.S. and Israel attacked Iran. |
| 0:42.6 | The Strait of Hormuz is closed. That's trapped millions of barrels of crude. |
| 0:46.7 | The Gulf remains a treacherous place. |
| 0:49.0 | Two tankers were hit off the coast of Iraq early Thursday morning, and at least 18 ships have been attacked |
| 0:54.6 | since the strike started two weeks ago. Yesterday, the price of Brent crude settled up more than |
| 0:59.5 | $100 a barrel, and equities dropped. The S&P 500 closed down 1.5% and the stocks, Europe's 600, |
| 1:06.5 | closed a little bit more than half a percent lower. Government bonds also suffered. The yield on the 10-year |
| 1:12.3 | U.S. Treasury reached its highest level since the conflict began, and 10-year UK guilt yields |
| 1:17.8 | hit their highest level of the year. |
| 1:25.7 | Moschaba Hamaniye made his first statement on Thursday since being appointed Iran's supreme |
| 1:30.7 | leader. |
| 1:31.4 | He called for the Strait of Hormuz to remain closed and warned Iran will continue to target |
| 1:36.4 | U.S. military bases in the Gulf. |
| 1:38.9 | With tensions high and a lot at stake, what happens next? |
| 1:43.0 | Charles Clover is the F.T.'s defense and security correspondent. |
| 1:45.9 | He joins me now. Hi, Charles. Hi. Hi. Thanks for having me. Good to have you. So U.S. President |
| 1:51.1 | Donald Trump has made clear he wants a short conflict. Iran keeps ratcheting up attacks. How can we square |
... |
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