Russian oil prices have surged to their highest levels in more than 13 years, driven by rising global oil prices linked to the ongoing conflict between the United States and Iran, according to a report by Bloomberg.
As of April 2, the price of Russia’s flagship Urals crude oil, exported from the Primorsk port on the Baltic Sea, reached $116.05 per barrel, as reported by Argus Media. This figure significantly exceeds the average price of $59 per barrel projected in the Russian budget for 2026.
In the Black Sea port of Novorossiysk, the price for Urals crude also rose, hitting $114.45 per barrel on the same date. The data from Argus Media indicates a notable shift in pricing dynamics.
The average discount of Urals crude compared to the global benchmark Brent has decreased to below $27.75 per barrel, marking the lowest level since mid-December 2025, according to RBC.
The ongoing conflict in the Middle East has effectively disrupted approximately one-fifth of global oil supplies through the Strait of Hormuz. U.S. President Donald Trump has demanded that Tehran reopen this critical waterway, threatening to target key Iranian infrastructure if his ultimatum is not met. The deadline set by Trump is the evening of April 7, which corresponds to the early hours of April 8 in Kyiv.
Russian oil prices have reached a 13-year high, fueled by geopolitical tensions in the Middle East. The surge in prices reflects significant shifts in global oil supply dynamics, particularly through the Strait of Hormuz.
Source: Bloomberg