Russian Deputy Prime Minister Alexander Novak has described the current state of global energy markets as the worst crisis in four decades, attributing it to the US-Israeli conflict with Iran and the closure of the Strait of Hormuz.
According to Novak, the ongoing hostilities in the Middle East are affecting at least 20 million barrels of oil per day.
He also noted that the blockade of the Strait of Hormuz disrupts nearly one-third of global trade in crude oil and petroleum products.
