Reuters: Russia to double oil revenues to $9 billion in April

Amid the escalation of the war in the Middle East and the virtual closure of the Strait of Hormuz in April, Russiaʼs oil revenues will double and reach $9 billion.

This is evidenced by Reuters calculations.

For example, in March, Russia received approximately $4.2 billion from oil sales. For the entire year of 2026, Russia has planned to budget 7.9 trillion rubles from mineral extraction taxes.

In March, the average price of Russian Urals oil rose to $77 per barrel (the highest since October 2023). For example: in February, the price of Urals was $44.59 per barrel. In this yearʼs budget, the Kremlin planned for Urals to cost $59 per barrel.

Reuters predicts that Russiaʼs revenues will depend on how long the war in the Middle East lasts.

War in the Middle East and the closure of the Strait of Hormuz

On the morning of February 28, the United States and Israel launched attacks on Iran. These attacks killed Iranʼs Supreme Leader Ayatollah Ali Khamenei and almost the entire military leadership of the country — about 40 key high-ranking officials.

Iran, in response to the US and Israeli attacks, began shelling Arab countries and Israel. The war also halted tanker traffic through the Strait of Hormuz, a narrow sea corridor between Iran and Oman that connects the Persian Gulf to the Indian Ocean. About a fifth of the worldʼs oil exports, tens of millions of barrels a day, passed through it.

Markets reacted to the closure of this route instantly: oil, gas, and precious metals rose in price, and on March 9, world oil prices exceeded $100 per barrel — for the first time in almost four years.

On the night of April 8, Trump wrote that he had agreed to a two-week ceasefire with Iran. Later, Iran published a 10-point peace plan: according to it, the parties would cease hostilities, the US would withdraw troops from the Middle East and would no longer attack Iranian bases, and ships would have limited access to the Strait of Hormuz for two weeks.

Iran would also have to lift primary and secondary sanctions and compensate for losses. Iran itself would commit not to create nuclear weapons, and the US would recognize Iranʼs right to enrich uranium.

After Trump agreed to a ceasefire, world oil prices fell sharply. On the evening of April 8, Iran announced a new tariff for tankers wishing to pass through the Strait of Hormuz for the duration of the two-week ceasefire — $1 in bitcoins for each barrel of oil.

Pakistan (mediator between the US and Iran) has already recorded a ceasefire violation.

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