A growing trend suggests Russia might profit from the Iran war, with increased energy demand and sanctions relief fueling Moscow's energy industry.

The scramble in Asia to secure Russian energy supplies – coupled with the temporary lifting of US sanctions – in the wake of the war in Iran has created a growing sense that Moscow might prove the main winner from the conflict. Earlier this week, Russian President Vladimir Putin told a meeting of oil and gas suppliers that they should use the “additional revenues” generated by the spike in energy prices as a result of the war and the effective blockade of the Strait of Hormuz. Putin has also...