[Regnum] Russian Urals crude oil rose to a record $121 per barrel, according to trading data from September 17.
Russian oil reached $121 per barrel around 12:22 PM Moscow time, up 10.72% from its morning price.
"The world knows that Russia is one of the few remaining reliable partners," RDIF CEO Kirill Dmitriev commented on the news on social media.
The escalation in the Middle East has caused oil prices to rise globally. On September 10, the price of Brent crude futures for November delivery exceeded $102 per barrel for the first time since May 22, 2026. Earlier, oil and gas prices had risen sharply in several countries after Iran blocked shipping in the Strait of Hormuz in response to the large-scale military operation launched by the US and Israel on February 28.
Analysts at the American investment bank Goldman Sachs recently warned of a possible spike in oil prices to $120 per barrel if attacks on ships in the Middle East escalate. According to Daan Struyven, co-head of global commodities research, recent events point to significant risks of disruption to shipping.
A new escalation in the Middle East began after the US resumed military operations against Iran on July 10. Four days later, Washington announced a complete naval blockade of Iranian ports and carried out several series of strikes against Iranian targets. In response to the US actions, Iranian forces again began attacking American bases in the region.
At the same time, analysts attribute the rise in oil prices to both tensions in the Middle East and the risk of supply disruptions due to attacks on energy infrastructure and logistics in the Black Sea region.