Russia’s Urals Oil Rose Above $70 a Barrel for the First Time

The price of Russia’s Urals crude has risen above $70 per barrel.

Urals Crude Price, USD / Barrel

Data: Trading Economics

For comparison—when drafting Russia’s federal budget for 2026, the authorities assumed a much lower oil price, setting the benchmark at $59 per barrel.

Media outlets and analysts had earlier noted that the rise in oil prices linked to the war in Iran could dramatically reshape Russia’s budget outlook. If prices remain at current levels for a prolonged period, the increase could effectively eliminate the budget deficit that has been accumulating over the past year.

Russia’s Urals Oil Rose Above $70 a Barrel for the First Time

That Is Above the $59 Assumed in the Budget—and Could Close the Deficit Built Up Over the Past Year