Updated 13 March 2026 at 19:58 IST
'Hijacking Global Economy': UK Accuses Russia, Iran Of Trying To Destabilise Energy Market
"We have seen these links between Russia and Iran over an extended period of time," United Kingdom Foreign Secretary Yvette Cooper told reporters as the war continued raging for the 14th consecutive day.
Riyadh: As the war in the Middle East has effectively blocked the Strait of Hormuz, leading to a global energy crunch which has destabilised the energy market, the United Kingdom has reportedly accused Russia and Iran of “hijacking” the global economy.
As per the South China Morning Post, the United Kingdom Foreign Secretary Yvette Cooper, linked the war in Iran to that of Russia, which is known to be an ally of the regime.
"We have seen these links between Russia and Iran over an extended period of time," she told reporters as the war continued raging for the 14th consecutive day.
"We see it in terms of the way these two states try to support each other and try to benefit together from attempting to hijack the global economy," she hinted.
Yvette Cooper said that the threat from Russia and Iran poses a threat to UK's "well-being". However, she did not comment on easing of US sanctions on Russian oil, saying that it was a "specific targeted issue."
How Are Oil Prices Doing on Day 14 of Iran War
Despite the US trying to ease supply concerns by issuing a 30-day license for countries to buy Russian oil and petroleum products on the seas, oil prices continued going up.
As per a Reuters report, Brent futures for May rose $1.02, or 1%, to $101.48 a barrel at 0730 GMT, heading for a weekly increase of nearly 10%. U.S. West Texas Intermediate (WTI) crude for April was up by 94 cents, or 1.0%, at $96.67 a barrel, poised for more than a 6% uptick for the week.
US Treasury Secretary Scott Bessent had issued the 30-day license to stabilise global energy markets. However, market analysts pointed out that the step has failed to resolve the supply constraints.
"ICE Brent futures have already breached $100 per barrel and are still supported today, despite moves to calm the markets with the Russian oil waiver and the unprecedented release of emergency stockpiles," Emril Jamil said, senior analyst at LSEG.
"The market sees this as a short-term solution that does not address the crux of the supply disruption. The crude intermonth spreads for future months indicate an unresolved and continued tightness in supply," Jamil said.
Published By : Satyaki Baidya
Published On: 13 March 2026 at 19:58 IST