Russian Oil Remains Cheap Even as War Threatens Global Supplies

Russia’s flagship crude blend is still trading at deep discounts despite a global oil rally driven by the growing escalation in the Middle East.

The average discount on Urals oil exported from Russia’s western ports widened slightly to about $30.9 a barrel below the global Dated Brent benchmark on Tuesday, the widest gap since April 2023, data from Argus Media showed.