‘Desperate’ Asia turns to Russian oil amid Iran energy shock

June Goh

Senior Oil Market Analyst

1 April 2026 Time to read:  minutes
“These are very desperate countries right now and they want to maximise the US sanctions waiver,” said June Goh, senior oil market analyst at Sparta Commodities in Singapore. “Russia is the no-choice option. If you have someone offering you oil and you are desperate, how can you say no?”

Financial Times, April 1, 2026 – Asian countries facing acute energy shortages from the Iran-Gulf conflict are increasingly turning to Russian crude, taking advantage of a US sanctions waiver granted last month. The Philippines and South Korea have already received Russian oil and petrochemical shipments, while Vietnam and Sri Lanka are in advanced negotiations with Russian energy companies. The pivot underscores the desperation of import-dependent economies hit by Iran’s closure of the Strait of Hormuz, with Brent crude surging 63% in March to levels above $118/barrel as supply tightens.

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