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The Economic Times

Economy / The Economic Times

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Iran war drives Russian oil windfall as Urals crude hits highest level since 2023

Russia's Urals oil export blend hit its highest price since October 2023, reaching $94.87 a barrel for tax purposes this month. This surge, driven by disruptions from the Iran war impacting Persian Gulf supplies, significantly boosts the Kremlin's war economy. Higher oil revenues are enabling the government to replenish its reserves and postpone spending cuts.

15 May 2026 12:44 am