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Russia's Urals Crude Sinks to $41.66 a Barrel, Below Pre-War Levels, Deepening the Kremlin's Budget Squeeze (Monday, July 6, 2026)

Russia's Urals crude averaged $41.66 a barrel in early July, its lowest level since before the Iran-Israel-US war. Its discount to Brent has widened to $27.35 a barrel, compounding a budget already squeezed by a 45% drop in Q1 2026 oil and gas revenue (Monday, July 6, 2026).