Russian Esbo crude exceeds $120

The price of Russian Espo Blend crude rose above $120 per barrel for the first time since April 2026, due to increased demand from Chinese refineries, especially amid supply disruptions in the Middle East caused by the war between the U.S., Israel, and Iran. Fears of supply shortages ahead of the winter season and rising fuel demand prompted Chinese refiners to purchase larger quantities of Russian oil, leading to a record spike in Espo crude's premium over Brent crude, reaching levels between $20 and $30 per barrel. Additionally, the escalation of unrest in the Middle East has impacted global oil prices, with Urals crude rising to $110 amid market pressures and Chinese refineries accelerating shipments, which reduces the supply available to independent buyers and adds upward pressure on prices.

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