Oil prices spiked in the wake of the US entry into the Israel-Iran conflict, a development that could give a much-needed boost to Russia's war-weary economy. Brent crude, the international benchmark, traded around $76 on Monday, a day after the US bombed nuclear sites in Iran. The jump in oil prices comes at a pivotal time for Russia's economy, which has been bearing the cost of its war against Ukraine for over three years. Russia's oil and gas revenue also dropped 35% year-over-year that month. Calculations by Bloomberg show that's down 68% since the start of the Ukraine War.