MOSCOW, May 3 (Xinhua) -- Kremlin spokesman Dmitry Peskov said Sunday that Kiev's strikes against Russia's oil infrastructure could fuel further oil price hikes.

A reduction in Russia's oil supply to the global market will trigger an even sharper rise in prices, said Peskov in responding to statements by Ukrainian President Volodymyr Zelensky, who said he had ignored Western calls not to target Russia's oil infrastructure.

"If additional volumes of our oil are removed from the market, prices will climb further from current levels, which are already above 120 U.S. dollars," Peskov said, noting that tensions in the Strait of Hormuz have already left the global oil market facing a major supply shortfall.

He said that even with lower oil volumes shipped for export, Russian companies will earn more revenue, resulting in greater proceeds for the state.

"But most importantly, we must keep working to insulate ourselves against further risks" posed by such attacks launched by Kiev, Peskov added.

Meanwhile, the Russian Defense Ministry said on Sunday that its air defense systems shot down 740 Ukrainian drones in frontline in the past 24 hours. ■