Russian Oil Prices to India Reach Premium Over Brent Crude
The war in Iran has increased demand for Russian energy as the Strait of Hormuz remains closed. Russian Urals oil is now selling at a premium in India.
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The ongoing conflict in Iran has triggered a significant surge in demand for energy exports from Russia, according to Kremlin statements on Friday. This development comes as the closure of the Strait of Hormuz, a vital maritime chokepoint, has disrupted approximately 20% of the global supply of oil and liquefied natural gas (LNG). Kremlin spokesman Dmitry Peskov highlighted that the nation remains a steadfast supplier of energy resources despite the regional instability.
"We are seeing a significant increase in demand for Russian energy resources in connection with the war in Iran."
