The Globe and Mail reports in its Tuesday, March 10, edition that Russian President Vladimir Putin says the war in Iran has caused a global energy crisis and warns that oil transport through the Strait of Hormuz could soon stop. A Reuters dispatch to The Globe reports that Mr. Putin on Monday expressed Russia's willingness to co-operate with European customers again. Western powers have been cutting their dependence on Russian oil and gas due to the war in Ukraine. Mr. Putin said that Russia had repeatedly warned that destabilizing the Middle East could lead to an energy crisis with grave implications for the global economy -- a turn of events he said had now materialized. Oil prices surpassed $100 (U.S.) a barrel on Monday, reaching their highest levels since 2022, as the Strait of Hormuz has effectively been closed due to the Iran war. Mr. Putin said Russian companies should take advantage of the current situation in the Middle East, though he noted that the spike in prices was probably temporary. Oil and gas revenues make up around a quarter of total federal budget proceeds. He said Russia is ready to work with Europeans, but needs signals that they are willing to collaborate on sustainability and stability.