The Iran war drives Russian crude oil prices to a 13-year high.

Due to the global rise in oil prices triggered by the situation in Iran, Russia's crude oil prices have reached their highest level in over 13 years. According to data from Argus Media, on April 2nd, at Primorsk port, the largest oil export facility on the Russian Baltic coast, the flagship Urals crude oil price reached $116.05 per barrel. This price does not include transportation costs and is nearly double the average of $59 per barrel assumed in Russia's budget for this year. As the conflict between Russia and Ukraine continues, the substantial oil revenue is helping to alleviate the Kremlin's financial pressure.