St. petersburg: The main beneficiaries of the Strait of Hormuz crisis have been US oil companies, which gained "noncompetitive advantages" and opportunities to sell supplies at higher prices, Rosneft CEO Igor Sechin said Saturday. Speaking at the St. Petersburg International Economic Forum, Sechin highlighted that US hydrocarbon exports are currently reaching unprecedented levels.

According to Anadolu Agency, Sechin cited estimates from Norwegian consultancy Rystad Energy, predicting that US oil and gas companies could earn more than $60 billion in additional profit by 2026 if oil prices remain around $100 per barrel. He also projected that the sector could generate approximately $80 billion in additional tax revenues.

Sechin further argued that China is in a better position than other nations to handle potential disruptions in the Strait of Hormuz due to its strategic energy security measures and long-term planning. He noted that China's investments in renewable energy and low-cost transportation infrastructure, such as electric vehicles and public transit systems, have provided consumers with viable alternatives.

The regional tensions began to escalate following US and Israeli strikes on Iran, which led to a cycle of retaliatory attacks across the region in February. This raised concerns about the security of shipping routes and global energy supplies. Iran responded with attacks against Israel and countries hosting US military bases, while also disrupting maritime traffic through the Strait of Hormuz, a crucial energy transit corridor.

A ceasefire was subsequently established, although diplomatic efforts to achieve a more comprehensive resolution are ongoing.