Russia's Urals crude oil price rose above the $60 per barrel limit imposed by Western nations as the Brent price jumped last week, fuelled by rising tensions in the Middle East, Reuters
Russia's Urals crude oil price rose above the $60 per barrel limit imposed by Western nations as the Brent price jumped last week, fuelled by rising tensions in the Middle East, Reuters calculations based on traders' data showed on Monday.
Oil prices jumped on Friday and settled 7% higher as Israel and Iran traded air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East.
The U.S., other Group of Seven countries and Australia imposed the price cap in late 2022, seeking to reduce Russia's revenue from seaborne oil exports as part of wide-ranging sanctions.
Under the terms of the cap, suppliers of Russian oil are only able to use Western services such as shipping and insurance when Russian crude trades below $60 per barrel.
The latest initiative by the European Union is to lower the price cap limit for the Russian oil down to $45 per barrel, further complicating oil trade for Moscow.
Urals oil cargo loadings from Russia's Baltic and Black Sea port were priced around $62-63 per barrel last Friday on a free-on-board basis, which excludes charter costs and insurance, according to Reuters calculations. Reuters calculates Urals oil prices based on
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