$8 per barrel is the current premium versus Brent for Urals crude, which accounts for 70% of Russian oil exports, experts note.

Traditionally Urals traded at a $2–5 per barrel discount because of its high sulphur content, and after 2022, amid sanctions, discounts could reach $20.

The main reason for the rise in Urals prices has been a shortage on Asian oil markets due to the escalation of the Middle East conflict and the blocking of the Strait of Hormuz. In recent days the situation has been worsened by the halt of Saudi Arabia’s East–West oil pipeline.

“Under current conditions, Urals supplied via Far Eastern ports or the protected Northern Sea Route acquires additional value. The present $8 above the Brent price is a premium for the absence of military risks in transportation,” experts emphasise.

“KRISTALL ROSTA” previously reported that, according to Bloomberg, Russia is the undisputed winner in the Middle East conflict.