Russia is poised to reap the benefits of soaring oil prices and a possible return of Indian buyers for its crude after hostilities in the Middle East effectively halted shipment of supplies through the Strait of Hormuz.
Cargoes of Russia’s Urals crude floating in the Arabian Sea offer a tempting alternative to short-haul Middle Eastern barrels shut in by the effective closure of Hormuz, the strategically vital waterway that handles about a fifth of the world’s oil. Renewed Indian interest may narrow deep discounts that Moscow has been forced to offer to Asian buyers, while Russian crude prices are also set to get a boost from soaring global benchmarks.
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