- Why is Russia's Urals crude oil at a 13-year high?
- The US and Israeli military operations against Iran from February 28, 2026 effectively closed the Strait of Hormuz to about one-fifth of global oil traffic. Russia stepped in as an alternative supplier for Asian buyers, and Urals prices surged from below $40 in December 2025 to $116.05 per barrel on April 2, 2026, per OilPrice.com data.
- How much extra money is Russia making from high oil prices?
- Russia's oil export revenues reached $2.02 billion per week in the 28 days ending April 5, 2026 — the highest since June 2022, according to the Centre for Research on Energy and Clean Air. Russia's Ministry of Finance sensitivity tables show every $10 oil price increase adds approximately $1.6 billion in monthly federal revenue; at $116 vs. the budgeted $59, the annual windfall approaches $110 billion if prices hold.
- What did the US sanctions waiver for Russian crude do?
- The temporary waiver issued on April 18, 2026 authorised continued delivery and sale of Russian crude oil and petroleum products, removing the risk of secondary U.S. sanctions for tanker operators and insurers handling those cargoes. It was designed to dampen global oil prices inflated by the Hormuz blockade by keeping Russian crude flowing to Asian buyers.
- Are Ukraine's drone strikes affecting Russian oil exports?
- Yes. Ukrainian drone forces commander Robert Brovdi said on April 19 that strikes on Primorsk, Ust-Luga, Sheskharis, Tuapse, and facilities hit on April 18–19 had collectively reduced Russian daily oil shipments by approximately 880,000 barrels — equivalent to about 9% of Russia's peak export capacity.
