Russian crude prices hit 13-year high amid Iran-linked oil rally

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Iran latest: IRGC warns of years-long oil, gas disruption if US crosses red lines Trump’s Iran threat looms large; Broadcom’s Google deal - what’s moving markets Oil hovers below $110 with Trump’s Hormuz deadline edging closer IEA chief says Hormuz blockade worst energy crisis in history (South Africa Philippines Nigeria) Russian crude prices hit 13-year high amid Iran-linked oil rally By Editor Vlad Schepkov Economy Editor Vlad Schepkov Published 04/07/2026, 07:24 AM Russian crude prices hit 13-year high amid Iran-linked oil rally 0 LCOmdc1 0.00% IPCI 63.02% WTCLc1-LCOc1 1.86% Investing.com -- Russian crude prices reached their highest level in more than 13 years as Moscow benefited from a global oil rally linked to Iran. The country’s flagship Urals crude reached $116.05 a barrel on Thursday in Russia’s port of Primorsk, the biggest oil-export facility on the nation’s Baltic coast, according to data from Argus Media. The price, which doesn’t include shipping costs, is almost twice as high as the average $59 a barrel assumed in Russia’s budget for this year. Windfall oil revenues are easing pressure on the Kremlin’s finances as it continues its war in Ukraine. In Russia’s Black Sea port of Novorossiysk, Urals reached $114.45 a barrel on Thursday, according to Argus Media. The average discount of Urals from Russia’s western ports to the global benchmark Dated Brent narrowed to below $27.75 a barrel, the lowest since mid-December. By the time Urals reaches India, it trades at a premium to Brent, which widened to $6.1 a barrel compared with $3.9 two weeks ago, the data show. It remains unclear whether the delivery spread, the gap between export and delivered prices, ultimately accrues to Russia. The Middle East conflict has choked off about a fifth of the world’s oil supplies going through the Strait of Hormuz. This article was generated with the support of AI and reviewed by an editor. For more information see...