Russian President Vladimir Putin stated on Monday that the war involving Iran has triggered a global energy crisis. He warned that oil production reliant on shipments through the Strait of Hormuz could soon cease.

However, Putin reiterated his readiness for Russia to supply oil and gas to Europe. Russia is the world's second-largest oil exporter and holds the largest natural gas reserves globally.

Speaking at a meeting with top Russian oil and gas producers and government officials, Putin expressed Moscow's willingness to resume cooperation with European clients if they desire a return to non-politicized, long-term partnerships.

"We have never refused to cooperate with Europeans. We are also prepared to work with Europeans," Putin said. "We need to hear from them that 'they are willing and ready to cooperate with us to ensure sustainability and stability'."

Putin added that Russian companies should capitalize on the current situation in the Middle East. However, he also noted that the surge in oil prices might be temporary.

On Monday, oil prices surpassed $100 per barrel, reaching their highest level since 2022. The Strait of Hormuz, a critical chokepoint for oil shipments handling approximately one-fifth of global oil and liquefied natural gas transport, is now largely closed.