June 6, 2026
Russia’s Oil Windfall Gets Bigger as Hormuz Stays Shut

Russia just found itself on the right side of the oil shock. As the Iran war continues to choke flows through the Strait of Hormuz and scramble global crude markets, Moscow’s flagship Urals blend is essentially printing money. For tax purposes, Russia will calculate May oil revenues using an average Urals price of $94.87 per barrel…
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