MOSCOW — Global oil prices surged above $100 per barrel following U.S. and Israeli military operations against Tehran in late February, up from a prewar average of $72 per barrel in the first month of fighting. Some restrictions on Russian oil imposed when the war with Ukraine began have since been lifted.

Before the conflict in Iran began, Russia was preparing deep budget cuts to education and healthcare funding to pay for its invasion of Ukraine, which has now entered its fifth year. The sharp rise in oil prices appears to have altered that fiscal outlook, as the increase of roughly 39 percent from prewar levels represents a potential revenue gain for Moscow at a time when its budget had been under strain from sustained military expenditures in Ukraine.

India has continued purchasing large quantities of Russian oil despite pressure from the United States to reduce those imports. Pjotr Sauer, a Russian affairs reporter, said in a television interview that the dynamics around Russian energy exports have shifted since the fighting in Iran began. "The US was putting pressure on Russia's traditional allies who were buying oil, including India and China. Now, that's been reversed," he said.

"Russia is the big winner from this war," Sauer said. "In that sense, Russia is benefiting immensely."

Sauer also pointed to potential consequences for Europe's energy posture. "If this continues, we'll hear more murmurs in Europe about getting Russian oil and gas, which is obviously a devastating outcome for Ukraine," he said.

The easing of some oil restrictions has further opened channels for Russian crude exports to reach global markets, with India emerging as one of the most prominent buyers during the current supply disruptions. The extent to which rising energy revenues will offset the costs of Russia's military commitments in both Ukraine and the Iran conflict remains unclear as the fighting continues.