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from under $40 per barrel as recently as December to about $62 per barrel — first on fears of war and then due to interruption of almost all tanker traffic through the Strait of Hormuz, the conduit for some 20% of the world's oil consumption.Russian oil still trades at a considerable discount to international benchmark Brent crude, which has risen above $82 from the closing price of $72.87 on Friday, the eve of the attack on Iran by the U.S. and Israel. However, Russian crude is now above the benchmark of $59 per barrel that was assumed in the Russian Finance Ministry's budget plan for 2026. Oil and gas tax revenues account for up to 30% of the Russian federal budget.Additionally, the halt in production of ship-borne liquefied natural gas, or LNG, by major supplier Qatar will sharply increase global competition for available cargoes -- including those from Russia.Russia had seen state oil and gas revenue fall to a four-year low of 393 billion rubles ($5 billion) in January and the budget shortfall of 1.7 trillion rubles ($21.8 billion) for that month was the biggest on record, according to Finance Ministry figures.The lower revenue was due to weaker global prices and to deep discounts fueled by U.S. and European Union hindrance of Russia's “shadow fleet” of tankers with obscure ownership used sell oil to its biggest customers, China and India, in defiance of a Western-imposed price cap and sanctions on Russia's two biggest oil companies, Lukoil and Rosneft.Economic growth has stagnated as massive military spending has leveled off. President Vladimir Putin has resorted to tax increases and increased borrowing from compliant domestic banks to keep state finances on an even keel in the fifth year of the war.“Russia is a big winner from the war-related energy turmoil,” said Simone Tagliapietra, energy expert at the Bruegel think tank in Brussels. “Higher oil prices mean higher revenues for the government and therefore stronger capability to finance the war in Ukraine.”Amena Bakr, head of Middle East and OPEC+ insights at data and analytics firm Kpler, writes: “With Middle East barrels facing logistical disruption, both India and China face strong incentives to deepen reliance on Russian supply.”Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,830.71 -38.79 (-0.56%)Dow 3047,954.74 -784.67 (-1.61%)Nasdaq22,748.99 -58.50 (-0.26%)Russell 20002,585.57 -50.44 (-1.91%)VIX23.75 +2.60 (+12.29%)Gold5,103.80 +25.10 (+0.49%)Trending tickersMRVL Marvell Technology, Inc. 75.68 -2.41 (-3.09%)COST Costco Wholesale Corporation 982.57 -24.17 (-2.40%)GE GE Aerospace 326.99 -12.82 (-3.77%)IOT Samsara Inc. 29.58 +0.89 (+3.10%)GAP The Gap, Inc. 27.20 -0.54 (-1.95%)PortfolioSign in to access your portfolioSign inTop gainersSOC Sable Offshore Corp. 13.85 +3.76 (+37.26%)TNGX Tango Therapeutics, Inc. 16.83 +4.48 (+36.28%)TTD The Trade Desk, Inc. 29.79 +4.62 (+18.36%)EXPE Expedia Group, Inc. 251.54 +30.29 (+13.69%)UNF UniFirst Corporation 262.76 +31.50 (+13.62%)Top losersAEO American Eagle Outfitters, Inc. 19.33 -3.12 (-13.90%)HYMC Hycroft Mining Holding Corporation 41.06 -6.60 (-13.86%)IE Ivanhoe Electric Inc. 13.64 -2.02 (-12.90%)CIEN Ciena Corporation 299.30 -44.25 (-12.88%)IESC IES Holdings, Inc. 426.01 -61.76 (-12.66%)Most activeNVDA NVIDIA Corporation 183.34 +0.30 (+0.16%)AAL American Airlines Group Inc. 11.79 -0.67 (-5.38%)PLUG Plug Power Inc. 2.2900 -0.1900 (-7.66%)ONDS Ondas Inc. 10.49 -0.02 (-0.19%)TTD The Trade Desk, Inc. 29.79 +4.62 (+18.36%)Top economic eventsEarnings eventsMy earnings eventsEarnings events