Russian oil is capitalizing on the disruption caused by the US-Israeli war against Iran, following President Trump’s decision to temporarily ease sanctions on certain countries purchasing Russian oil. The closure of the Strait of Hormuz has severely limited oil supply, prompting tankers to redirect from China to India, where demand for discounted Russian oil is high. As a result, the price of Russian Urals oil has surged to around $90 per barrel, significantly above pre-war levels.
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