Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), has attributed the sharp rise in crude oil prices to an accelerating "energy tsunami," signaling that structural supply constraints are compounding geopolitical risks in the Gulf.
The comments come as Brent crude extends its rally, driven by escalating hostilities between the United States and Iran and renewed fears of supply disruption in the Strait of Hormuz.
Brent crude prices climbed sharply on Wednesday as the conflict between the United States and Iran intensified, sending shockwaves through global financial markets.
The price surge followed reports of new US air strikes, reigniting concerns over the security of key shipping routes.
Crude oil prices jumped further on Thursday as renewed hostilities in the Gulf kept supply disruption fears alive, with traders pricing in a sustained period of elevated volatility.
Dmitriev's characterization of the market dynamics suggests that the current price action is not merely a transient reaction to military escalation but part of a broader, structural tightening in global energy supply.