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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US-Iran war boosts Russian oil revenues

FT News Briefing