Russian Oil Discounts for India Plummet Tenfold Amid Geopolitical Tensions

Russia's oil discounts for Indian buyers have plummeted tenfold in recent weeks, according to Reuters.

The discount on Urals crude has shrunk to $1-2 per barrel, down from more than $10 in early July.

This shift is attributed to the increasing risks to supplies from the Middle East following the resumption of US military action against Iran and disruptions to shipping through the Strait of Hormuz.

Russian oil has become one of the most stable sources of supply for Indian refineries this year, but prices remain volatile due to geopolitical tensions.