Russian President Vladimir Putin is enjoying an unexpected windfall from the escalating war in the Middle East: a sudden rebound in demand for Russian oil. As global energy markets reel from disruptions in the Persian Gulf, the U.S. Treasury Department has temporarily eased some sanctions on Russian crude, allowing select buyers—including India—to purchase oil shipments that had been stranded at sea. Just weeks ago, Russia’s oil industry was struggling under the weight of falling prices and sanctions. Millions of barrels of crude oil were sitting offshore without buyers, squeezing the Kremlin’s finances.