Russian Oil Plunges With Top Producers Days Away From Sanctions

Russia’s flagship oil price plunged to the lowest in over 2 1/2 years last week, with days to go until US sanctions are due to hit the nation’s two largest producers.

The price of the nation’s Urals grade plunged as low as $36.61 a barrel from the Black Sea port of Novorossiysk on Thursday, the lowest since March 2023. It was a similar trend in the Baltic Sea, according to data from Argus Media. Both prices edged up on Friday.