The premium on Russian Urals crude oil delivered to Indian ports has risen to $8 per barrel, the highest since May.

According to three sources, due to the Iran conflict resulting in reduced crude oil supply from Gulf-producing countries and a shortage at refineries, the premium of Russian Urals crude delivered to Indian ports over Brent crude has surged to $8 per barrel, reaching the highest level since May. The sources indicated that currently, Russian Urals crude oil shipped to India is priced at a premium of about $8 per barrel based on delivery price, whereas the premium over Brent was only about $1 per barrel in August.