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A high-stakes diplomatic effort is underway as a delegation of Russian officials has arrived in the United States for meetings with their American counterparts. This visit, which began on Thursday, marks a significant development in the strained relations between Moscow and Washington, particularly over Moscow's ongoing war in Ukraine.Kremlin spokesperson Dmitry Peskov expressed optimism about the talks, stating, 'We hope that these first tentative steps will, of course, make their contribution to the further revival of our bilateral engagement.' President Vladimir Putin has set the main directives for the trip and will be thoroughly briefed on the meeting.The visit occurs against the backdrop of US-brokered talks to end the war in Ukraine, which are currently in a state of limbo. Despite several rounds of negotiations since US President Joe Biden's administration took office, a deadlock persists, with the Kremlin ruling out compromises to halt its military campaign.Russia, a key ally of Iran, has been accused by Western intelligence officials of supporting the Iranian government as it faces a war launched by the US and Israel. A recent report alleged that Russia was close to completing a shipment of drones to Iran, which Moscow has vehemently denied, calling such claims 'lies being spread by the media.'In a related development, Russia has intensified its military actions in Ukraine, carrying out one of the largest aerial attacks since the start of the war, launching 948 drones in 24 hours. This escalation has prompted Ukraine's President Volodymyr Zelenskyy to appeal for air defence munitions from allies, warning of a potential deficit in missiles while Washington focuses on the US-Israeli conflict with Iran.

Oil prices have experienced a significant surge, rising more than 5%, in the wake of an Israeli strike on Iran's South Pars gasfield. This development comes as the United States-Israeli conflict with Iran continues to escalate.The international standard, Brent crude, rose 5 percent to $108.66 a barrel on Wednesday. Meanwhile, US West Texas Intermediate crude (CLc1), the price barometer for US oil, gained 2.5 percent to $98.65. This widened its discount to Brent to the largest since May 2019, driven by fears of a prolonged conflict.Iranian state media reported that natural gas facilities associated with its offshore South Pars field – the largest gasfield in the world, located off the coast of southern Iran's Bushehr province – were attacked. Iran's Revolutionary Guard threatened to attack oil and gas infrastructure in Qatar, Saudi Arabia, and the United Arab Emirates, heightening the risk of further disruptions to energy supplies in the region.Later on Wednesday, Qatari authorities reported a fire at the country's Ras Laffan gas facility after an Iranian ballistic missile attack. Qatar's Interior Ministry later confirmed that the fire had been brought under control.The US-Israeli war on Iran and Tehran's retaliatory attacks on Gulf neighbours have disrupted oil and natural gas exports from the Middle East and forced production stoppages. Experts warn that if these disruptions keep oil and gas prices elevated for an extended period, the global economy could experience a wave of inflation.Fighting has halted most shipments via the Strait of Hormuz, through which 20 percent of global oil and liquified natural gas supplies pass. Total oil output cuts in the Middle East are estimated at 7 million to 10 million barrels per day or 7 percent to 10 percent of global demand.