Russia Oil Price Falls to Pre-Iran War Level in Blow to Kremlin

Russia's flagship crude price has slid to levels seen before the conflict in the Middle East, piling more pressure on Kremlin coffers that are already strained by the invasion of Ukraine.

The Urals grade averaged $41.66 a barrel at Russia's western ports in the first three days of July, less than half the level during the height of the oil market turmoil in April, according to Argus Media data. Russia's Finance Ministry uses the data to calculate taxes.