As the Iran war continues to choke flows through the Strait of Hormuz and scramble global crude markets, Moscow’s flagship Urals blend is essentially printing money.

The Kremlin is gaining billions in additional oil revenue.

Russia's oil export revenues hit $19.18B in April, up $6.3B year-over-year despite production losses and ongoing Ukrainian attacks on refineries and ports.

As the Iran war continues to choke flows through the Strait of Hormuz and scramble global crude markets, Moscow’s flagship Urals blend is essentially printing money.