The price of Russia’s Urals crude has returned to the level recorded before the start of the war in the Middle East, Bloomberg reports.
According to the agency, the average price of Urals loaded at Russia’s western ports in the first three days of July was $41.66 a barrel.
The Fall in the Price of Russian Crude
The Fall in the Price of Russian Crude Urals has fallen back toward levels seen before the Middle East conflict Average price of Russian crude loaded at Primorsk and Novorossiysk Average Urals price assumed in Russia’s 2026 budget $120 a barrel 100 80 60 40 20 The US and Israel carried out coordinated missile strikes on Iran Feb Mar Apr May Jun Jul 2026 Source: Argus Media
Data: Argus Media
Since March, the average price of Russian crude had exceeded the $59-a-barrel level assumed in Russia’s budget every month. In June, after the US and Iran agreed to resume shipping through the Strait of Hormuz, Urals averaged $60.92 a barrel.
The sharp rise in oil revenues after the start of the war in the Middle East allowed Russia to resume replenishing its reserve fund for the first time in nearly a year and postpone spending cuts, Bloomberg writes.
If Urals remains below $59 a barrel for an extended period, it will become harder for the Kremlin to contain the growing budget deficit.
In early April, amid the war in the Middle East and the closure of the Strait of Hormuz, the price of Urals loaded at the Baltic port of Primorsk reached $116.05 a barrel. That was the highest level since 2013. In May 2026, Russian crude traded at $85–86 a barrel.
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