Energy crisis will last for months – Kremlin envoy

Markets will take a long time to stabilize even if the Strait of Hormuz remains open, Kirill Dmitriev has warned

Global energy markets will take months to recover from the shock caused by the US‑Israeli war on Iran, Kremlin envoy Kirill Dmitriev has warned, noting that the reopening of the Strait of Hormuz is unlikely to have an immediate effect.

His comments come after US President Donald Trump announced a “double-sided” two-week ceasefire with Iran to negotiate a long-term peace agreement based on Tehran’s 10-point plan that would see it retain control over the strait.

While oil prices have dropped in response to the news, Dmitriev, who serves as Russian President Vladimir Putin’s special envoy for investment and economic cooperation, has warned that energy markets “will take months to normalize even if the Strait of Hormuz remains open.”

Dmitriev’s prediction came in response to a Bloomberg report in which several Asian airline chiefs cautioned that jet fuel prices would still require “many, many more months” to stabilize. The director general of the International Air Transport Association (IATA), Willie Walsh, noted that if the Strait of Hormuz “were to reopen and remain open, it will still take a period of months to get back to where supply needs to be, given the disruption to the refining capacity in the Middle East.”

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The conflict has inflicted lasting damage on energy infrastructure with multiple refineries destroyed, causing jet fuel prices to more than double since the war began. Thai Airways CEO Chai Eamsiri called the current shock the worst in his near‑four‑decade career.

More than 800 vessels also remain trapped in the Persian Gulf after the Strait of Hormuz was virtually closed following the US and Israeli strikes in late February. According to Bloomberg, traders and shipowners are now closely monitoring which ships will begin to transit the strait under the fragile ceasefire. An International Maritime Organization tally from late March estimated that some 20,000 seafarers are stuck aboard trapped ships, facing dwindling supplies, fatigue, and psychological stress.

A recent Newsmax report, released just before the ceasefire announcement, also warned of a looming global commodity shock, noting that the true scale of the disruptions caused by the US-Israeli war on Iran has yet to materialize. The outlet cautioned that the world could soon face sudden and severe shortages that will quickly spread from energy to fertilizers, food production, and consumer goods.