Due to the ongoing war in Iran and increasing tension in the Middle East, there is a huge rise in the prices of crude oil. Recently, the price of oil in the global market had reached around $120 per barrel. It is still trading above $100 per barrel. This situation has increased the pressure on the economy of many countries, but Russia is getting a big economic benefit from it. Due to tension, the movement of ships through the Strait of Hormuz has been affected. This route is very important because about 20 percent of the world’s total oil trade passes through this route. Due to less supply, oil prices have increased rapidly in the market.
According to Kepler’s report, Russia is currently selling its oil at a premium price. Due to this, he is earning additional income of about 150 million dollars every day. It is estimated that if this situation continues then by the end of this month Russia’s earnings may reach about 4 billion dollars. Before the war started, Russian oil was being sold at a discount in the international market, but as soon as the supply through the Strait of Hormuz was affected, the demand for Russian oil increased rapidly. Meanwhile, Donald Trump has given 30 days exemption to some countries including India to buy Russian oil. However, Scott Besant says that Russia will not get much economic benefit from this.
Russia’s Ural crude price increases
According to oil market data, the price of Russia’s Ural crude has increased by almost 50 percent since the start of the war. According to shipping data, in February, Russia was sending about 3.18 million barrels of oil daily by sea, which increased to about 4.56 million barrels in March. Earlier, due to the sanctions of Western countries, Russia had to sell its oil about $ 10 per barrel cheaper than Brent Crude Oil, but now the situation has changed and Russian oil is being sold at a premium of about $ 5 per barrel.
Oil shortage in many countries of Asia
Due to the war in the Middle East, the concern about oil shortage has increased in many countries of Asia. In such a situation, countries like Pakistan, Bangladesh and Thailand are also considering buying Russian oil. Till now, about 93 percent of Russia’s marine oil exports have gone to China, India and Turkey. A rise in oil prices was again seen in the international market on Friday (13 March 2026). Brent crude oil closed at $ 103.1 per barrel, up 2.67 percent, while West Texas Intermediate rose 3.11 percent at $ 98.71 per barrel.
America attacks Kharg Island
Meanwhile, America has targeted some military bases of Iran in Kharg Island. Donald Trump has warned that if Iran does not stop its activities, more attacks could be carried out on its oil facilities. Experts say that if tensions increase further, oil prices may go up further in the future.
