Urals crude on India’s west coast reached US$98.93 (RM389.09) a barrel on Friday, according to data from Argus Media. The price, which includes shipping costs, is the highest since Russia redirected crude exports to India following its invasion of Ukraine in early 2022. The spike follows higher global oil prices amid the ongoing war in the Middle East. Last week the US Treasury issued its second authorisation allowing buyers to take Russian oil cargoes already at sea. Urals averaged US$73.73 a barrel at Russia’s western ports on Friday, the highest since mid-July 2024, according to Argus Media.

Source: The Edge Markets March 16, 2026 11:55 UTC