▪️ Renewed hostilities between the US and Iran, along with the blockade of the Strait of Hormuz, have led to a sharp increase in the cost of Russian oil for Asian buyers.
▪️ The discount on Urals crude with the nearest delivery dates has narrowed to $1–2 per barrel relative to Brent. In early July, it was $10.
▪️ Indian oil refining companies have increased purchases of Russian oil amid concerns over the stability of supplies from the Middle East.
▪️ At the same time, Chinese oil refineries have also become more active in buying Russian oil due to disruptions in the supply of Middle Eastern raw materials.
@Slavyangrad