Energy
Discounts on Russian Oil Widened for First Time Since Iran War
Storage tanks at the oil terminal in Saint Petersburg.
Photographer: Olga Maltseva/AFP/Getty Images
Discounts on Russia’s flagship crude widened for the first time since the start of the Iran war, as shifting expectations over a possible end to the Middle East conflict rattled oil markets.
The average discount on Urals crude from Russia’s western ports broadened to $23.9 a barrel below the global benchmark Dated Brent on Thursday and Friday, according to data from Argus Media. That marks the first increase since US-Israel attacks on Iran effectively closed the Strait of Hormuz, a critical waterway for Gulf producers, and boosted appetite for Russian barrels.