Russian Urals crude prices at Baltic and Black Sea ports climbed above $80 per barrel this week, their highest level in three months. The move tracks a broader rally in global oil prices toward $100 a barrel after new Middle East strikes raised supply concerns, and it lifts Russia's tax-price benchmark above the assumption built into its 2026 budget.
Free-on-board Urals prices loading at Primorsk, Ust-Luga and Novorossiysk climbed above $80 per barrel this week, the first time since June 4 the grade has traded that high. The increase followed a broader rally in crude oil markets, where global prices moved toward $100 a barrel after new Middle East strikes raised supply concerns.
Average monthly Urals prices last stood above $80 per barrel in April and May, during tensions between the United States and Iran. Prices then dropped below $70 per barrel during the summer months before this month's rebound.
The current spot rouble-denominated tax price of Urals stands at around 7,000 roubles ($82.12) per barrel. That exceeds the 5,440-rouble-per-barrel assumption used to calculate Russia's 2026 federal budget revenues, a figure based on a basket combining Urals with the higher-priced ESPO Blend grade.
Source: Investing.com
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