Ukrainian Attacks Threaten Russia’s Oil Profits From Iran War
In this photo taken from video released by Governor of Bryansk Region Alexander Bogomaz’s telegram channel, oil reservoirs ignite in flames after a Ukrainian drone struck an oil storage depot in the Bryansk Region of Russian on 2024.
Source: Governor of Bryansk Region Alexander Bogomaz telegram channel/AP PhotoUkrainian attacks on Russian oil infrastructure on the Baltic Sea, which handles a big chunk of its exports, are undermining Moscow’s ability to benefit from a crude rally driven by the war in the Middle East.
Russia has emerged as a winner from the conflict, which has choked Persian Gulf supplies through the crucial Strait of Hormuz and sent oil prices above $100 a barrel. The turmoil pushed the price of Russia’s flagship Urals blend to an almost four-year high, meaning the nation could receive roughly $150 million a day from shipping its crude from the Baltic ports of Primorsk and Ust-Luga.