Russian Oil Commands First Premium in India Since Ukraine War

Russian oil is commanding a premium in India for the first time since the Ukraine war began, the latest evidence of how the Middle East conflict is benefiting Moscow and upending the global market.

The country’s flagship grade Urals is for the first time trading at a premium to Dated Brent at the point of delivery to India, a global benchmark for physical transactions, according to data from Argus Media. In absolute terms, the crude reached $121.65 a barrel on India’s west coast on Friday, the highest since late February 2023, when Argus started publishing the data.