Due to the ongoing war in Iran and increasing tension in the Middle East, there is a huge rise in the prices of crude oil. Recently, the price of oil in the global market had reached around $120 per barrel. It is still trading above $100 per barrel. This situation has increased the pressure on the economy of many countries, but Russia is getting a big economic benefit from it. Due to tension, the movement of ships through the Strait of Hormuz has been affected. This route is very important because about 20 percent of the world’s total oil trade passes through this route. Due to less supply, oil prices have increased rapidly in the market.

According to Kepler’s report, Russia is currently selling its oil at a premium price. Due to this, he is earning additional income of about 150 million dollars every day. It is estimated that if this situation continues then by the end of this month Russia’s earnings may reach about 4 billion dollars. Before the war started, Russian oil was being sold at a discount in the international market, but as soon as the supply through the Strait of Hormuz was affected, the demand for Russian oil increased rapidly. Meanwhile, Donald Trump has given 30 days exemption to some countries including India to buy Russian oil. However, Scott Besant says that Russia will not get much economic benefit from this.

Russia’s Ural crude price increases

According to oil market data, the price of Russia’s Ural crude has increased by almost 50 percent since the start of the war. According to shipping data, in February, Russia was sending about 3.18 million barrels of oil daily by sea, which increased to about 4.56 million barrels in March. Earlier, due to the sanctions of Western countries, Russia had to sell its oil about $ 10 per barrel cheaper than Brent Crude Oil, but now the situation has changed and Russian oil is being sold at a premium of about $ 5 per barrel.

Oil shortage in many countries of Asia

Due to the war in the Middle East, the concern about oil shortage has increased in many countries of Asia. In such a situation, countries like Pakistan, Bangladesh and Thailand are also considering buying Russian oil. Till now, about 93 percent of Russia’s marine oil exports have gone to China, India and Turkey. A rise in oil prices was again seen in the international market on Friday (13 March 2026). Brent crude oil closed at $ 103.1 per barrel, up 2.67 percent, while West Texas Intermediate rose 3.11 percent at $ 98.71 per barrel.

America attacks Kharg Island

Meanwhile, America has targeted some military bases of Iran in Kharg Island. Donald Trump has warned that if Iran does not stop its activities, more attacks could be carried out on its oil facilities. Experts say that if tensions increase further, oil prices may go up further in the future.

Taking a big decision, US President Donald Trump has given temporary permission to all countries to buy Russian oil for 30 days. This decision has been taken at a time when there is immense pressure in the global oil market due to the ongoing war in the Middle East and crude oil prices have reached above $ 100 per barrel. Oil supply has been badly affected due to the ongoing conflict between Iran and Israel. Especially the situation has become more serious due to the closure of the Strait of Hormuz. This sea route is one of the most important oil routes in the world and usually about 20 to 25 percent of the world’s total daily oil consumption passes through this route.

The US Treasury Department said on Thursday (12 March 2026) that it has issued a temporary license, under which Russian crude oil and petroleum products loaded in ships can be bought and sold until March 12. This permission will remain in effect till midnight on April 11, Washington time. This decision can open the way for the market to reach about 124 to 125 million barrels of Russian oil stranded at about 30 different places around the world. This is expected to reduce the sudden reduction in global oil supply to some extent. Earlier on March 5, the US had issued a separate 30-day exemption, under which India was allowed to buy Russian oil cargo stranded at sea. The purpose of this decision was to provide some relief to oil importers during the crisis.

Statement by US Finance Minister Scott Besant

US Finance Minister Scott Besant said that this step has been taken for a limited time and under very special circumstances. He also said that Russia will not get much economic benefit from this. Meanwhile, the US Energy Department has also announced that America will release 172 million barrels of crude oil into the market from its strategic oil reserves. This step has been taken to control rising fuel prices. This decision is part of a larger plan being done in collaboration with the International Energy Agency. The 32 member countries of this agency together have promised to release about 400 million barrels of oil in the market. According to the agency, due to the current war, the world is facing the biggest oil supply disruption in history.

Oil price before Iran war started

Before the start of the war against Iran, the price of crude oil was around $73 to $75 per barrel before February 28, but after the start of the attack and the attacks on ships in the Gulf region, prices rose rapidly to above $100 per barrel. Iran has almost completely closed the Strait of Hormuz since the beginning of the war. This narrow sea route connects the Persian Gulf to the Gulf of Oman and the Arabian Sea and is considered very important for global oil trade. According to reports, at least 16 ships have been attacked in this route so far and Iran has warned of continuing attacks in the future. Meanwhile, Iran’s new supreme leader Mojtaba Khamenei said in his first statement after assuming office that it is necessary to keep the Strait of Hormuz closed. His statement indicates that there is little possibility of this route reopening in the near future.