As fears of Middle East war drive oil prices higher, Russia’s investment envoy Kirill Dmitriev told Reuters that Moscow, Washington, and Riyadh could act together to stabilize global oil markets if needed.

Echoes of 2020: Precedent for Tripartite Coordination

Speaking at the St. Petersburg International Economic Forum, Dmitriev invoked the 2020 oil price crash—when former U.S. President Donald Trump coordinated a deal between Russia and Saudi Arabia to cut output. "It is early to talk about concrete joint action yet but based on an earlier precedent, such action is possible," he said.

That effort helped prevent a market collapse during the COVID-19 pandemic and is now being viewed as a possible model amid the current crisis.

Middle East Conflict Triggers Market Jitters

Oil prices surged following Israeli strikes on nuclear sites in Iran’s Natanz and Arak, stoking fears of regional war and supply disruptions. Dmitriev said that “events in the Middle East create conditions for oil price rises,” and warned that the scope of escalation would determine the price spike’s intensity.

The prospect of conflict comes at a time of already tight markets and nervous investors watching for U.S. military involvement.

Sanctions and Strategic Calculations

Dmitriev added that higher oil prices “sharply reduce the possibility of further restrictions on Russia’s energy sector,” referring to EU discussions on new sanctions. As Europe debates whether to increase pressure on Moscow, rising energy costs could undercut their appetite for action.

The 2020 coordination between Russia, the U.S., and Saudi Arabia was a rare moment of consensus among geopolitical rivals. Now, with the Israel-Iran war intensifying and energy markets on edge, Dmitriev’s remarks may be signaling a readiness for similar cooperation—despite current geopolitical divides.