Price of russian Urals oil rises to 13-year high due to war in Iran - Bloomberg
Due to the consequences of the war against Iran, the price of russian Urals oil has risen to USD 116 per barrel. This is a record figure for the past 13 years. This is reported by Bloomberg agency, citing data from the analytical company Argus Media.
Last Thursday, April 2, the price of a barrel of Urals was USD 116.05. At this price, the russian benchmark oil brand was traded in the port of Primorsk on the Baltic Sea. And in the port of Novorossiysk on the Black Sea, the price of a barrel of Urals was USD 114.45.
This price, which does not include transportation costs, is almost twice as high as the average price of USD 59 per barrel, which is included in the budget of the aggressor country of russia for this year. The unexpected consequences of the war against Iran have eased the pressure on the russian economy, which has been struggling with months of falling oil and gas revenues.
The average discount for Urals crude to the global benchmark Brent crude has fallen below USD 27.75 per barrel, its lowest level since mid-December 2025.
Russian crude is trading at a premium to Brent on arrival in India, which has risen to USD 6.1 per barrel. Two weeks ago, the premium was just under USD 4 per barrel.
Bloomberg notes that russia's ability to benefit most from rising oil prices due to the situation in the Middle East is being undermined by Ukraine. In recent weeks, it has carried out a series of massive strikes on the ports of Ust-Luga and Primorsk, and recently an oil terminal in the port of Novorossiysk was attacked. Such strikes disrupt exports, which reduces Moscow's revenues.
As Ukrainian News Agency earlier reported, on April 7, Reuters reported, citing sources, that the Shekhsaris oil terminal in Novorossiysk had suspended oil shipments indefinitely after an attack by Ukrainian drones.
We also reported that as a result of several Ukrainian attacks in late March, almost every second oil and oil product tank was damaged in the port of Primorsk, and every fourth tank in the port of Ust-Luga.