Putin: Iran conflict did not lead to a significant increase in oil prices, "OPEC+" does not need to intervene

Russian President Putin said at the St. Petersburg Economic Forum on the 20th that the conflict between Iran and Israel has not led to a significant increase in oil prices, and "OPEC+" members do not need to intervene in the oil market. Putin stated that the current oil price is about $75 per barrel, compared to $65 per barrel before the conflict escalated. Putin also said that "OPEC+" has been gradually increasing oil production. Due to the escalating conflict between Israel and Iran, and investors' concerns about possible U.S. intervention, oil prices have rebounded, with Brent crude futures reaching their highest level since late January.