The Price of Russian Urals Oil Reaches a 13-Year High Due to the War in Iran
The cost of Russian Urals oil has risen to a record level not seen in the last 13 years amid escalating conflict between the USA, Israel, and Iran. The increase in energy resource prices on global markets has allowed Russia to achieve significant profits despite sanctions and price restrictions.
This is reported by AgroReview
Urals Prices Exceeded Russia’s Budget Expectations
According to the international agency Argus Media as of April 2, the export price of Russian Urals oil from the Baltic port of Primorsk reached $116.05 per barrel. This is nearly double the average price of $59 per barrel that is included in the Russian Federation’s budget for 2026. In the Black Sea port of Novorossiysk, the price of Urals also hit a high of $114.45 per barrel.
“This price, which does not include transportation costs, is nearly twice the average price of $59 per barrel set in the Russian budget for 2026.”
According to Argus Media, the average discount of Urals to the global benchmark Brent in Western Russian ports has decreased to less than $27.75 per barrel. This is the lowest level since mid-December 2025.
The War in the Middle East Affected the Oil Market
The armed confrontation in the Middle East has led to a restriction of approximately 20% of global oil supplies through the Strait of Hormuz — a key route for energy resource exports. US President Donald Trump has urged Iran to lift the blockade on this strategic waterway, threatening the destruction of critical Iranian infrastructure in the event of further obstructions. The latest deadline for opening the strait was set for the evening of April 7, corresponding to the night of April 8 in Kyiv time.