Russian oil prices soar though tanker costs eat into gains

Russian Urals oil prices surged on the war in Iran, according to traders, even as the grade remains shunned by many buyers because of Ukraine-related sanctions. Traders also report rising costs, a development that tightens supply sentiment and could push broader crude benchmarks and buyer/refiner costs higher.

Analysis

Russian Urals oil prices surged on the war in Iran, according to traders, even as the grade remains shunned by many buyers because of Ukraine-related sanctions. Traders also report rising costs, a development that tightens supply sentiment and could push broader crude benchmarks and buyer/refiner costs higher.