Overview
- Urals crude loaded at Russia’s Primorsk port climbed to about $116 a barrel in early April, the highest level since 2013, according to Bloomberg citing Argus Media.
- The jump followed fighting in the Middle East that squeezed flows through the Strait of Hormuz and led Gulf producers to cut output, tightening global supply.
- Prices accelerated after U.S. officials in March let buyers take Russian oil already loaded on tankers and granted Indian refineries a 30‑day window to purchase such at‑sea cargoes.
- The new price is nearly double the $59 per barrel used in Russia’s 2026 budget, yet Reuters and U.S. officials cautioned the windfall may not close fiscal gaps.
- Treasury Secretary Scott Bessent said the United States may keep easing restrictions during the Iran campaign, and President Trump said curbs on Russian oil would return once it ends.