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Russia's oil windfall has vanished as its flagship Urals crude oil prices have fallen back to where they were before the Middle East war, averaging just $41.66 a barrel. This significant drop impacts Russia's energy revenues.
A Russian-flagged tanker, the 'Anatoly Kolodkin', delivered approximately 700,000 barrels of Russian Urals crude oil to Cuba's Matanzas Bay in late March, circumventing the US blockade.
Two container vessels carrying Russian Urals crude oil are scheduled to reach India on March 21, according to the Ministry of Petroleum and Natural Gas.
The price of Russian Urals crude oil has reportedly fallen to $42 a barrel, returning to the same price levels seen before the conflict in the Middle East began.
Ukraine has repaired and reopened the damaged Druzhba pipeline, which transports Russian oil to Europe, with President Zelensky stating there are no longer grounds to block a €90 billion EU loan. This move aims to resolve a dispute that had impacted EU financial support.
Iraq is negotiating with Iran to reopen a vital oil shipping route, as the escalating Middle East conflict continues to drive up oil prices and impact global markets. This has led to new mortgages increasing by £800 a year in the UK due to 'Trumpflation' from the Iran war, while US stock futures rose as investors bought the dip despite the escalating tensions.
The TISZA government in Hungary plans to increase the tax burden on the Hungarian oil company MOL, expanding a special tax linked to the price difference between Brent and Urals crude oil, potentially costing MOL HUF 10 billion.
President Donald Trump has fired Pam Bondi as Attorney General, announcing the shakeup in a social media post amid criticism over her handling of specific cases and failure to prosecute his foes.
Prices for Russian Urals crude oil have risen above US$70 per barrel for the first time since 2025 amid escalating conflicts in the Middle East and the closure of the Strait of Hormuz.