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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
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CNBC TV18
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07-03-2026, 13:23
Iran War Fuels Russian Oil Boom: India Pays Premium for Urals Crude
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Kremlin confirms significant demand surge for Russian oil and gas due to the Iran conflict.
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The 7-day Iran war has largely shut the Strait of Hormuz, impacting a fifth of global oil and LNG supplies.
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Russian Urals oil is now selling at a premium to Brent crude for Indian ports, a first, boosting Russia's revenue.
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US Treasury issued a 30-day waiver allowing India to purchase Russian oil stuck at sea.
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Russia is considering redirecting LNG supplies from Europe to countries like India, China, and the Philippines.
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