War in Iran Drives Russian Oil Prices to a 13-Year High

By Bloomberg News

Apr 7, 2026 (Bloomberg) –Russian crude prices rose to the highest in more than 13 years as Moscow benefited from the Iran-linked global oil rally.

The country’s flagship Urals crude reached $116.05 a barrel on April 2 in Russia’s port of Primorsk, the biggest oil-export facility on the nation’s Baltic coast, according to data from Argus Media.

The price, which doesn’t include shipping costs, is almost twice as high as the average $59 a barrel assumed in Russia’s budget for this year. Windfall oil revenues are easing pressure on the Kremlin’s finances as it continues its war in