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Hormuz Strait Disruption Propels Russian Oil to $62, Bolstering Kremlin Finances
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Hormuz Disruption Fuels Russian Oil Surge to $62, Boosts Kremlin Finances
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CNBC TV18
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04-03-2026, 23:42
Hormuz Disruption Fuels Russian Oil Surge to $62, Boosts Kremlin Finances
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Strait of Hormuz disruption drives Russian oil prices to $62, significantly strengthening Kremlin finances.
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Russian oil prices climbed from under $40 to $62 per barrel, surpassing the 2026 budget benchmark of $59.
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Qatar's halt in LNG production intensifies global competition, increasing demand for Russian energy supplies.
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Higher oil prices bolster Russia's ability to fund its war in Ukraine, reversing January's record budget shortfall.
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Experts confirm Russia as a "big winner" from the energy turmoil, with India and China deepening reliance on its oil.
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