From The Kobeissi Letter:

Russia is capitalizing on the Iran War:

Last week, Russian seaborne crude oil shipments rose to 4.11 million barrels per day, the 3rd-highest weekly reading since April 2023.

This brings the 4-week average to 3.44 million barrels per day, up +90,000 barrels per day from the prior week.

This comes as soaring oil prices and a 30-day US sanctions waiver on Russian crude sitting on tankers have fueled the surge in exports.

Meanwhile, prices for Russian crude delivered to India hit an all-time high.

Combined with rising export volumes, this drove Russia's largest weekly revenue increase since the start of the Russian invasion of Ukraine.

Russia is emerging as one of the biggest beneficiaries of the Iran War.

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@anonaccount
That's part of the spoils when you win a war. Only good things happen to you.

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