Russian ESPO Oil Surpasses 120 Dollars Per Barrel
Russian ESPO oil prices have climbed above 120 dollars per barrel for the first time since April. The surge is driven by strong demand from Chinese refiners seeking alternatives as Middle East supplies face disruptions.
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Russia's ESPO crude jumped past $120 per barrel during Thursday morning trading for the first time since April, driven by intense demand from China refiners. The spike follows energy supply disruptions in the Middle East stemming from the ongoing conflict involving Israel and Iran that have tightened global markets. The price surge increases Moscow's wartime revenues even as Western nations move to restrict its petroleum exports.
