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macroJun 5, 2026, 10:11 AM

Rosneft CEO Sechin: No Country Can Replace Lost Middle East Oil; Warns $150 if Hormuz Closed

Rosneft CEO Igor Sechin stated that no country, including the US, can replace oil supply lost due to the Middle East crisis, and warned that oil prices could reach $150 per barrel if the Strait of Hormuz is closed.

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Rosneft CEO Igor Sechin said that no nation—including the United States—is capable of making up for oil supply lost because of the ongoing Middle East crisis. He also cautioned that Brent crude could surge to $150 per barrel if the Strait of Hormuz, a key chokepoint for global oil shipments, is shut down.

Sechin advised reporters to ask US President Donald Trump for his perspective on the matter. The comments come amid heightened geopolitical tensions in the region, which have already pushed oil prices higher.

The Strait of Hormuz handles about a fifth of the world's oil consumption. Any disruption there would have severe consequences for global energy markets.

Source: First Squawk