Russia’s Urals crude rose to $116.05 per barrel at Primorsk on April 2 as tensions around Iran lifted oil prices, while Iranian officials weighed options to reopen the stock market after a trading halt.
Russia’s flagship Urals crude reached $116.05 per barrel at Primorsk on April 2, nearly double Russia’s budget assumption of $59, as tensions around Iran pushed global oil prices higher. The update adds a concrete price point to the broader market impact of Middle East tensions. It also states that Iranian officials are considering four scenarios to reopen the country’s stock market after trading was halted on March 1.