Iran war pushes Russian crude oil prices to a 13-year high

Golden Ten Data reported on April 7 that Russia has benefited from the global oil price surge sparked by tensions between Iran and Israel, with its crude oil prices reaching their highest level in over 13 years. According to data from Argus Media, on April 2, the price of Russia’s flagship Urals crude oil reached $116.05 per barrel at Primorsk, the country’s largest oil export facility on the Baltic Sea. This price, which excludes transportation costs, is nearly double the average $59 per barrel assumed in Russia’s budget for this year. Amid the ongoing Russia-Ukraine conflict, substantial oil revenues are easing the Kremlin’s fiscal pressures.