Urals Oil Supported by Hormuz Closure in Oil & Companies News 15/05/2026 Russian Urals crude traded around $100 per barrel, moving closer to international benchmark prices as the closure of the Strait of Hormuz tightened global oil supply. Additional support came from a temporary US sanctions waiver allowing international buyers to receive Russian cargoes in an effort to stabilize energy markets. Although Ukrainian drone strikes continued targeting Russian refineries and Baltic ports, Moscow partly offset the disruption through stronger pipeline exports, including resumed Druzhba flows to Hungary and Slovakia. Russia’s oil export revenues continued to climb despite lower production levels, helped by elevated global oil prices and supply disruptions linked to the Iran conflict. According to the IEA, Russia earned $19.18 billion from oil exports in April, up $6.28 billion from a year earlier, even as oil output fell by 460,000 barrels per day to 8.8 million bpd and exports declined to 7.03 million bpd. Source: Trading Economics 2026-05-15 hellenicshippingnews... tweet Share