Russian Urals crude rises above US$70 per barrel for first time since summer 2025

Prices for Russian Urals crude oil have risen above US$70 per barrel for the first time since 2025 amid escalating conflicts in the Middle East and the closure of the Strait of Hormuz.

Source: data from Trading Economics

Details: The last time Urals crude exceeded US$70 per barrel was in June 2025.

Infographics: Trading Economics

In January 2026, Russian oil hit a low, trading at US$49 per barrel.

Background:

• According to vessel monitoring data, two Russian oil cargoes heading to East Asia have changed course for India, indicating that New Delhi is prepared to accept Russian oil amid the escalation of the conflict in the Middle East.
• On the morning of 28 February, Israel and the United States carried out strikes against Iran and the Lebanese group Hezbollah.
• Iran subsequently attacked Bahrain and the United Arab Emirates and blocked the main artery for Middle Eastern oil supplies – the Strait of Hormuz.
• At the opening of trading on Monday 2 March, prices for Brent crude oil jumped by 13% to more than US$82 per barrel, and oil markets are preparing for prolonged volatility and continuing disruptions to traffic through the Strait of Hormuz.
• The oil refinery in Ras Tanura in Saudi Arabia stopped operating after an Iranian drone attack.
• In the port of Bahrain, the US-flagged tanker Stena Imperative was attacked: a fire broke out on board, but the crew were not injured.
• Qatar stopped liquefied natural gas production after two Iranian drones struck energy facilities belonging to QatarEnergy.
• State refiners and government officials in India have agreed on an action plan in response to the conflict around Iran, which has nearly halted oil flows through the Strait of Hormuz, and are now once again considering Russian oil.

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