Discount on Russian Oil Shrinks as India Pays Near-Brent Prices

The price of Russian crude oil supplied to India has climbed to record levels, despite the fact that Russian companies significantly increased shipments to the country after 2022. According to data from Argus Media, on March 13 the price of a barrel delivered to India's western coast reached 98.93 dollars. Russian oil has never traded at such a level in the Asian market before. Middle East Tensions Push Prices Higher Prices have risen sharply due to the escalation of conflict in the Middle East and difficulties for tankers passing through the Strait of Hormuz, one of the most important maritime routes for global oil shipments.