The price of Russian Urals oil has reached its highest level in over 13 years. The price increase occurred against the backdrop of tensions in the Middle East, which significantly impacted global oil markets.
This is reported by Finway
Record Prices and the Impact of War on the Oil Market
According to the international agency Argus Media, as of April 2, 2026, the price of Urals oil exported from the Primorsk port on the Baltic Sea reached $116.05 per barrel. This price level has not been seen since 2013. Such a price is nearly double the average of $59 per barrel set in the Russian Federation’s budget for the current year. At the Novorossiysk port on the Black Sea, the price of Urals also rose to $114.45 per barrel.
Changes in the Price Ratio of Urals and Brent
The discount of Russian Urals oil in Western Russian ports compared to the global benchmark Brent has decreased to below $27.75 per barrel. This is the lowest level since mid-December 2025. Experts attribute this surge to geopolitical tensions in the Persian Gulf region.
“The conflict in the Middle East has effectively blocked about one-fifth of global oil supplies through the Strait of Hormuz. U.S. President Donald Trump is demanding that Tehran open this vital waterway, threatening the destruction of Iran’s key infrastructure. The deadline was set by Trump for the evening of April 7 (the night of April 8 in Kyiv time).”
Due to the escalation of military actions in the region, the Strait of Hormuz, through which about 20% of the world’s oil volumes are transported, has been partially blocked. This has led to an increase in energy resource costs in global markets and brought additional profits to the Russian oil industry.