Russian Urals crude loaded at the Baltic port of Primorsk was priced at $116.05 a barrel as of April 2, Bloomberg reported, citing data from the Argus Media news agency. That is the highest level since 2013, when prices reached $113–115 a barrel, according to Bloomberg’s infographic.
At the Black Sea port of Novorossiysk, Urals fetched $114.45 a barrel, Argus Media data showed.
The current price of Russian oil is nearly double the $59-per-barrel average built into Russia’s 2026 federal budget.
Russian oil prices have risen amid the U.S.-Israeli war with Iran and the closure of the Strait of Hormuz, through which one fifth of the world’s oil supply passes.
In recent weeks, Ukraine has been actively attacking Russian oil facilities during the war with Russia, seeking to prevent Moscow from cashing in on the Middle East crisis.
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