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China and Russia involvement in Iran conflict raises oil market risks

Oil prices for major benchmarks fell sharply in the latest quotes as the conflict’s expansion risk re-enters focus, even as covert support so far helped limit broader market panic.

Reported · Written up by our desk · Energy

A growing risk that the U.S.-Israel-Iran conflict could widen beyond the main protagonists is drawing renewed attention in energy markets, OilPrice said, arguing that China and Russia may be stepping out of the shadows and into a more direct role. The outlet said earlier involvement from Washington and Tel Aviv’s allies had largely been limited to intelligence sharing and defensive air support, while Tehran and its proxies had relied on China and Russia for diplomatic cover, economic lifelines, and some deniable hardware related to missile and drone production.

However, OilPrice pointed to new developments suggesting the covert nature of Russia and China’s support may be changing. In Russia’s case, the outlet said U.S. intelligence reports indicate Moscow is providing real-time satellite feeds and intelligence tracking on U.S. targets to Iran, which it said has helped enable more precise Iranian retaliatory missile strikes.

OilPrice also cited latest benchmark quotes for crude and related fuels, showing WTI at 80.49 and Brent at 83.95, both down around 4% in the referenced readings, alongside higher natural gas and lower heating oil and gasoline in the same snapshot.

Latest closeWTI crude $86.80 ▲3.8%|Brent $90.12 ▲1.2%|Nat gas $2.792 ▲1.2%

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