Alexander Novak stated that oil prices have nearly doubled and suggested that new Russian supply is already impacting the market. The magnitude of the price increase and the specific effects attributed to Russian output are assertions made by Novak and have not been independently verified.

Russian Deputy Prime Minister reported that OPEC and OPEC+ ministers discussed elevated global transport, freight, and insurance costs during a meeting in Riyadh. He stated that these expenses had increased five- to tenfold on specific routes, though independent verification of these figures was not immediately available.

Russian Energy Minister Alexander Novak stated that the development creates a significant imbalance between supply and demand, which he said is causing market volatility.

The Islamic Revolutionary Guard Corps (IRGC) has reportedly attacked several vessels alleged to be involved in transporting crude oil through the Strait of Hormuz. These claims regarding the specific nature of the shipping operation remain unverified.