Urals Prices Jump to Above $110/Barrel

Prices for Russia's flagship Urals crude at its western ports jumped above $110 per barrel on Tuesday, the highest level since April 2026, according to Reuters calculations based on data from two traders.

Higher oil prices boost Russia's budget revenues, which rely heavily on oil and gas income, although elevated freight rates are limiting gains for sellers.

Urals crude loaded at Russia's ports of Primorsk URL-PRMSK and Novorossiysk URL-NVRSK was assessed at around $110 per barrel on a free on board (FOB) basis on Tuesday, supported by strong Brent prices and a rally in spot markets amid Middle East supply concerns.

Reuters assesses prices with a one-day lag, meaning Tuesday's data was the latest available as of September 16.

Premiums for Urals crude delivered to Indian ports jumped to $8 per barrel over dated Brent, the highest since May, as lower supplies from Gulf producers linked to the Iran war tightened availability for refiners, three sources told Reuters.

Oil prices settled more than $3 higher on Tuesday after shipping industry sources said crude loadings at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some deliveries to European customers, deepening concerns that disruptions along a key export route could persist for weeks.

The last time Urals traded above $100 per barrel was in April, during the opening weeks of the U.S.-Israeli war with Iran, when concerns first emerged over shipping through the Strait of Hormuz. The latest flare-ups have again prompted refiners worldwide to seek additional crude supplies amid Middle East disruptions.

The rouble price of Russian oil used for tax calculations has exceeded the level assumed in the federal budget for most of this year, supported by higher global oil prices, according to LSEG data. An exception was June and July.

Russia's 2026 federal budget assumes an oil price of $59 per barrel.

(Reuters)