Prices for Russia’s Urals crude at western ports climbed back above $100 per barrel on Wednesday, driven by stronger Brent prices, according to traders’ data and Reuters calculations.

Urals crude from the Russian port of Primorsk was valued at approximately $104 per barrel on Wednesday on a free on board basis, marking an increase of roughly $6.50 per barrel from Tuesday’s estimates.

At Novorossiisk, Urals FOB price reached about $106 per barrel on Wednesday, calculations showed.

The rebound followed a broader market rally as oil prices jumped more than 6% on Wednesday to reach their highest settlement in weeks. The surge came as stalled negotiations between the United States and Iran heightened concerns about continued supply disruptions from the Middle East.

Urals had traded above $100 per barrel throughout most of April due to a global energy supply squeeze linked to the Iran war, though prices dipped below that threshold late last week.

While elevated freight rates reduced profit margins for exporters, the impact was offset by higher global crude prices stemming from tensions in the Gulf region.

The Russian oil price in roubles used for tax calculations surpassed the federal budget assumption by 46% in the first half of April, reflecting the rally in global oil prices.

Russia’s 2026 federal budget is based on an oil price of $59 per barrel.
Source: Investing.com