Commodities
Urals Crude Oil Surpasses Brent Price for First Time
The price of Urals crude oil has surpassed that of North Sea Brent for the first time in history, according to data from cbonds.
The highest price for Urals reached over USD 120 per barrel on September 16, while Brent was trading at a lower price. This marks a significant increase from September 15, when Urals traded at about USD 112 per barrel, and the beginning of the month, when it was around USD 81 per barrel.
The rise in Russian oil prices is attributed to the escalating situation in the Middle East and problems with oil logistics. As supply from traditional suppliers shrinks, Asian buyers are competing aggressively for available volumes.