Urals Crude Oil Prices: Primorsk and Novorossiysk Shipments Reach $114+ per Barrel

Prices for Russian Urals crude oil have surged to a 13-year high, driven by a global increase in oil prices resulting from the war in Iran. According to data from Argus Media, Urals crude sold for $116.05 per barrel at the Baltic port of Primorsk on April 2, 2026.

Shipments from the Black Sea port of Novorossiysk also saw significant increases, with prices reaching $114.45 per barrel during the same period. These price levels are nearly double the average price of $59 per barrel that was projected in the 2026 budget for Russia.

Market Benchmarks and Budgetary Impact

The surge in pricing has narrowed the average discount on Urals crude from Russia’s western ports when compared to the global benchmark Dated Brent. This discount narrowed to $27.75 per barrel, which represents the lowest level recorded since mid-December 2025.

Bloomberg reports that these unexpected oil revenues are easing financial pressure on the Kremlin while the country continues its aggression in Ukraine. The disparity between the actual market price and the $59 per barrel budget assumption provides a significant windfall in nominal revenue per barrel.

Geopolitical Drivers of Price Increases

The primary catalyst for the price spike is the conflict in Iran and subsequent disruptions to oil shipments in the Persian Gulf. These disruptions, specifically those affecting the Strait of Hormuz, have lifted global demand and pushed prices higher for alternative crude sources, including Russian Urals.

Reuters reported as early as March 10, 2026, that Russian oil prices were soaring due to the war in Iran, although the gains were partially offset by rising tanker costs.

Impact of Ukrainian Infrastructure Strikes

While global prices have risen, Russia’s ability to capitalize on these highs has been hindered by Ukrainian military strikes targeting export infrastructure and oil refineries. Ukrainian drone attacks specifically targeted the ports of Primorsk and Ust-Luga in the Baltic Sea.

The Baltic Sea ports are critical to Russian energy exports, as approximately 40% of Russian oil is shipped through these terminals. The scale of the attacks in late March 2026 effectively brought Russian oil exports via the Baltic Sea to a standstill.

These disruptions resulted in a sharp plummet in seaborne crude exports during the final days of March 2026. According to reporting from Bloomberg, these losses caused the Kremlin to lose more than $1 billion in revenue within a single week.

The combination of infrastructure damage and increased costs for tanker transport continues to undermine the financial benefits Russia would otherwise reap from the 13-year high in crude prices.