Urals Crude Oil Prices Reach Highest Level Since April 2026

Russia's Urals crude oil prices have reached their highest level since April 2026, exceeding $110 per barrel in Russian ports due to strong demand and high Brent prices. This surge is attributed to concerns about Middle East supply disruptions, which are driving refiners worldwide to seek additional crude oil supplies. The premium for Urals oil delivered to Indian ports has risen to $8 per barrel over Brent since May, linked to lower Gulf supplies.

The rouble price for Russian oil has been higher than the federal budget assumption of $59 per barrel for a majority of this year, supported by global oil costs. The budget revenues of Russia are being boosted by higher oil and gas prices, but high freight rates limit gains for sellers. Urals crude oil loaded in Primorsk ports was estimated at $110 per barrel on Tuesday.