Russian crude oil prices hit a 13-year high due to the surge in Iran-related oil production

LootboxPhobia · 2026-04-07T17:25:04+00:00

Russian crude oil prices hit a 13-year high benefiting from the global oil rally, with Urals crude reaching $116.05 at the Primorsk port, easing the Kremlin's fiscal pressure. Meanwhile, prices at the Black Sea ports also approached $114.45, with the price discount falling to its lowest level. The Middle East conflict has affected global oil supply.

LootboxPhobia

2026-04-07 17:25:04

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Investing.com — As Moscow reaps the gains from a global oil rally tied to Iran, Russian crude prices have reached the highest level in more than 13 years.

According to data from Argus Media, the country’s flagship Urals crude hit $116.05 a barrel on Thursday at the Primorsk port in Russia, the largest oil export facility on the Baltic Sea coast.

That price excludes transportation costs and is nearly twice the $59 average per barrel assumed in Russia’s budget for this year. Unexpected oil revenues are easing financial pressure on the Kremlin as it continues its war against Ukraine.

According to data from Argus Media, at Novorossiysk, a Black Sea port in Russia, Urals crude reached $114.45 a barrel on Thursday. The average discount of Urals crude from Russia’s western ports versus the global benchmark Dated Brent narrowed to below $27.75 a barrel, the lowest level since mid-December.

The figures show that when Urals crude arrives in India, its trading price has a premium versus Brent crude, widening from $3.9 a barrel two weeks ago to $6.1. It remains unclear whether the delivered price differential (the gap between export prices and delivery prices) ultimately falls to Russia.

The Middle East conflict has cut off about one-fifth of global oil supplies passing through the Strait of Hormuz.

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