Russia’s flagship Urals crude export blend has surged to its highest tax-purposes level since October 2023, reaching $94.87 a barrel for May calculations. The jump is attributed to Iran war disruptions that have constrained Persian Gulf supplies and boosted demand for Russian barrels after flows through the Strait of Hormuz were affected. With oil and gas providing around a fifth of budget revenue, higher prices are helping the Kremlin refill its rainy-day fund and delay non-priority spending cuts, even as a stronger ruble trims takeaways.
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