With the Strait of Hormuz shut, Russia's oil revenue swells further from the Iran crisis

With the Strait of Hormuz shut and regional oil exports disrupted, Russia's Urals crude has become more attractive to buyers, boosting Moscow's oil revenue. The Bruegel think tank estimated that Russia's oil and gas revenues carried a windfall of about 1,184 billion rubles (close to 13.5 billion euros) tied to the Iran war over March to June 2026.

That windfall had narrowed after the 14 June ceasefire memorandum and a temporary drop in prices, but with hostilities resuming in July and tanker transits through Hormuz halting again, analysts say the premium on Russian oil exports has widened once more.

Russia is one of the alternative suppliers profiting from the Hormuz-driven rise in oil prices.