Russia's Oil Exports to India Surge Amid Iran War and Rising Prices

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Iran War Fuels Russian Oil Boom: India Pays Premium for Urals Crude

Iran War Fuels Russian Oil Boom: India Pays Premium for Urals Crude

C

CNBC TV18•07-03-2026, 13:23

Iran War Fuels Russian Oil Boom: India Pays Premium for Urals Crude

•Kremlin confirms significant demand surge for Russian oil and gas due to the Iran conflict.
•The 7-day Iran war has largely shut the Strait of Hormuz, impacting a fifth of global oil and LNG supplies.
•Russian Urals oil is now selling at a premium to Brent crude for Indian ports, a first, boosting Russia's revenue.
•US Treasury issued a 30-day waiver allowing India to purchase Russian oil stuck at sea.
•Russia is considering redirecting LNG supplies from Europe to countries like India, China, and the Philippines.

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