US companies benefit from Strait of Hormuz disruptions, Rosneft chief says

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 said US hydrocarbon exports are "breaking all records."

Citing estimates by Norwegian consultancy Rystad Energy, Sechin said US oil and gas companies could earn more than $60 billion in additional profit in 2026 if oil prices remain around $100 per barrel.

"Additional tax revenues from the sector could amount to about $80 billion," he added.

Sechin also argued that China is better prepared than other countries for potential disruptions in the Strait of Hormuz due to what he described as a balanced approach to energy security and long-term state planning.

According to Sechin, China's investments in renewable energy and low-cost transportation infrastructure have provided consumers with alternatives such as electric vehicles, electric buses, gas-powered trucks, metro systems, electric trains, and electric taxis.

Regional tensions escalated after US and Israeli strikes on Iran triggered a cycle of retaliatory attacks across the region in February, raising concerns about the security of shipping routes and global energy supplies.

Iran subsequently launched attacks against Israel and targeted countries hosting US military bases, while also disrupting maritime traffic through the Strait of Hormuz, one of the world's most important energy transit corridors.

A ceasefire later took effect, although diplomatic efforts to secure a broader settlement have continued.