Russia's Urals Crude Oil Prices at a 13-Year High

Russia's Urals crude oil prices have risen to their highest level since 2013, exceeding $116 per barrel despite US sanctions. The closure of the Strait of Hormuz and Russia's alternative role in Asian markets contributed to the price increase.

Scraper SystemApril 12, 2026, 01:10 PM

Russia's Urals Crude Oil Prices at a 13-Year High

Russia's Urals crude oil prices have reached their highest level since 2013, surpassing $116 per barrel. According to data reported by Bloomberg, on April 2, Urals oil shipped from the Primorsk port in the Baltic Sea was sold at $116.05, while oil shipped from the Novorossiysk port in the Black Sea was sold at $114.45. These prices indicate an increase of approximately 230% since December.

The main reasons for the price rise include the closure of the Strait of Hormuz, through which a significant portion of the world's oil supply passes, causing supply shortages. Additionally, Russia becoming an important alternative supplier for Asian countries dependent on oil imports from the Middle East also contributed to the price increase.

The US granting a temporary sanction exemption for Russian oil has increased Moscow's oil revenues, while drone attacks on Ukraine's energy infrastructure are limiting export capacity. Russia's oil revenues are expected to reach approximately 1 trillion rubles ($12.7 billion) in April. This represents a significant increase compared to the first months of the year.

Experts note that the price increase provides Russia's state budget with additional daily income. However, the damage to energy infrastructure caused by the conflicts in Ukraine prevents these revenues from being fully realized. These developments indicate ongoing uncertainties in global energy markets.