Russian Urals Crude Hits 13-Year High After Operation Epic Fury Disrupts Supply

SEATTLE (Oil Monster): Russian Urals crude oil prices have surged to a 13-year high following the U.S.-led Operation Epic Fury against Iran, rising more than 76% over the past month amid tightening global supply.

Urals, Russia’s primary export crude, rose to $121.17 per barrel on April 2, after reaching a March high of $123.45. The benchmark had traded near $65 per barrel in late February, with some cargoes briefly dipping as low as $45 before the escalation in the Middle East disrupted markets.

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The sharp rally has been driven by supply concerns after coordinated strikes by the United States and Israel targeted Iran’s military and energy infrastructure. Iran’s response, including threats to restrict shipping through the Strait of Hormuz, curtailed tanker traffic and forced Gulf producers to scale back output, pushing buyers toward alternative sources such as Russian crude.

To stabilize markets, the U.S. Department of the Treasury issued temporary sanctions relief, allowing limited exports of Russian oil. Major buyers China and India continue to dominate purchases, while Turkey remains a key importer.

Elevated prices and narrowing discounts have boosted Russia’s export revenues, providing significant fiscal support amid ongoing geopolitical pressures.