Urals crude climbs past $110 at western ports on firm Brent, tight supply
Russia's Urals crude rose above $110 per barrel at Primorsk and Novorossiysk, its highest since April 2026, as Middle East supply worries lift Brent and spot markets.
Prices for Russia's flagship Urals crude at its western ports climbed above $110 per barrel on Tuesday, the highest level since April 2026, calculations based on trader data show.
Urals loaded at Primorsk and Novorossiysk was assessed at roughly $110 per barrel on a free on board basis, lifted by strong Brent prices and a rally in spot markets amid supply concerns in the Middle East.
The gains matter for Moscow's finances, since the budget leans heavily on oil and gas revenue. Even so, elevated freight rates are capping the benefit for sellers.
For Indian refiners, the premium on Urals delivered to Indian ports widened to $8 per barrel over dated Brent, the highest since May. Lower supplies from Gulf producers tied to the Iran war have tightened availability, according to three sources.
Crude prices settled more than $3 higher on Tuesday after shipping industry sources said loadings at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some deliveries to European customers. The moves deepened concern that disruptions along a key export route could last for weeks.
Urals last traded above $100 per barrel in April, during the opening weeks of the U.S.-Israeli war with Iran, when worries first surfaced over shipping through the Strait of Hormuz. Fresh flare-ups have again pushed refiners worldwide to look for additional crude supplies.
The rouble price of Russian oil used for tax calculations has stayed above the level assumed in the federal budget for most of this year, supported by higher global prices, with June and July the exceptions. Russia's 2026 federal budget assumes an oil price of $59 per barrel.