Regional
Iran war doubles Russia’s main oil revenue to $9 bln in April, Reuters calculations show
For the whole of 2026, Russia has budgeted for 7.9 trillion roubles from the mineral extraction tax.
Russia will see revenue from its biggest single oil tax double to $9 billion in April due to the oil and gas crisis triggered by the U.S. and Israeli attack on Iran, Reuters calculations showed on Thursday.
The Reuters calculation is some of the first concrete evidence of a windfall for Russia, the world’s second-largest oil exporter, from the Iran war, which oil traders say has triggered the most serious energy crisis in recent history.
Iran effectively shut the Strait of Hormuz – a route for about a fifth of global oil and LNG flows – after U.S. and Israeli airstrikes on Iran at the end of February, sending Brent futures shooting well past $100 per barrel.
Russia’s main revenue from its vast oil and gas industry is based on production. Export duty on crude oil has been nullified from the start of 2024 as part of the so-called wider tax manoeuvre, a years-long tax reform of the industry.
According to Reuters calculations based on preliminary production data and oil prices, Russia’s mineral extraction tax on oil output will increase in April to around 700 billion roubles ($9 billion) from 327 billion roubles in March. The revenue is up by some 10% from April last year.
For the whole of 2026, Russia has budgeted for 7.9 trillion roubles from the mineral extraction tax.
The average price of Russia’s Urals crude, used for taxation, jumped to $77 per barrel in March, its highest since October 2023, according to economy ministry data.
That was up 73% from February’s $44.59 per barrel and above the level of $59 assumed in this year’s state budget.
The Kremlin said on Tuesday there were a huge number of requests for Russian energy from a range of different places amid a grave global energy crisis that was shaking the foundations of the oil and gas markets.
Still, there are limits on the windfall for Russia, and economists inside Russia have repeatedly cautioned that 2026 could be a tough year.
Russia ran a budget deficit of 4.58 trillion roubles, or 1.9% of gross domestic product, in January-March 2026, the finance ministry said on Wednesday.
And Ukraine’s attacks on Russian energy infrastructure, with an aim to cripple Moscow’s finances, have also contributed to lower earnings and threaten oil production cuts.
The size of the windfall for Russia will ultimately depend on how long the Iran crisis lasts.
Regional
Hormuz traffic dips to lowest since May after US, Iranian strikes on ships
the IRGC navy said on Saturday it targeted three oil tankers travelling unauthorized routes in the strait as well as three additional U.S. vessels in other areas.
An average of 10 commodity ships transited the Strait of Hormuz per day over the past 10 days, the lowest since May, according to shipping data on Monday, after U.S. and Iranian strikes on tankers, Reuters reported.
The 10-day moving average was 10 on Sunday, down from more than 15 on Friday and nearly 13 on Saturday, data from analytics firm Kpler found.
Only two vessels passed through the strait on Saturday while six went through on Sunday, mostly using the Iranian route.
U.S. forces struck three Iranian oil tankers on Saturday, U.S. Central Command said, including one off Kharg Island, Iran’s key oil export hub, following attacks by Iran’s Islamic Revolutionary Guard Corps on U.S. warships in the region.
In retaliation, the IRGC navy said on Saturday it targeted three oil tankers travelling unauthorized routes in the strait as well as three additional U.S. vessels in other areas.
The three Iranian tankers were Downy, Stark I and Kylo, also known as Noxen, maritime intelligence firm Marisks said in a note.
The Saturday attacks represented a “major escalation in the maritime conflict”, Marisks said.
“Commercial tankers are now being deliberately used as instruments of reciprocal economic pressure, substantially weakening the previous distinction between military confrontation and commercial shipping,” it added.
“Risk is therefore assessed as extreme for Iranian/Iran-linked tonnage and materially elevated for U.S.-linked or U.S.-escorted shipping throughout the Strait of Hormuz and Gulf of Oman.”
There have been 27 projectile strike incidents since July 6, resulting in damage to vessels operating in and around the Strait of Hormuz, the United Kingdom Maritime Trade Operations (UKMTO) said in its weekly report.
On Sunday, one very large crude carrier and three bulk carriers laden with metals, grains or oilseeds entered the strait, Kpler data showed.
A tanker carrying refined products loaded from a Saudi port attempted to exit but was turned back, data from LSEG showed.
There has been no VLCC exiting the strait since Wednesday, according to Kpler data.
Regional
US and Iran exchange fire on vessels near Strait of Hormuz
US Central Command said it struck three Iranian oil carriers, including one near Kharg Island, Iran’s main oil export hub, after Iran’s IRGC fired ballistic missiles at two US Navy ships.
US and Iranian forces exchanged attacks involving vessels in waters around Iran on Saturday, in a sharp escalation that threatens to further disrupt energy supplies and deepen the conflict between the two countries.
US Central Command said it struck three Iranian oil carriers, including one near Kharg Island, Iran’s main oil export hub, after Iran’s Islamic Revolutionary Guard Corps (IRGC) fired ballistic missiles at two US Navy ships.
“If you shoot at two of our ships, we will impose an even higher economic cost,” US Central Command chief Admiral Brad Cooper said.
The IRGC warned that it would intensify attacks against US military vessels in the region. It later said it had targeted three tankers travelling on unauthorised routes through the Strait of Hormuz, as well as three US-linked vessels in other areas.
Iran’s Tasnim news agency reported that four US missiles struck a tanker near Kharg Island. It said there were no casualties and that the crew was being evacuated.
US Central Command said no American personnel were injured.
The latest exchange follows an escalation over the past week in a conflict that began after US and Israeli strikes on Iran in February. The fighting has disrupted global energy supplies and increased concerns over a wider regional confrontation.
Trump warns over Kharg Island
US President Donald Trump has continued to threaten military action against Iran, even as his administration expands economic sanctions.
On August 31, Trump posted an AI-generated video depicting Kharg Island being destroyed. Iranian authorities have warned of a strong response if the island is attacked.
Iran, the third-largest producer in OPEC, previously exported about 90% of its crude through Kharg Island. Oil flows have been disrupted since the US began a blockade of Iranian oil exports in mid-April.
Trump had previously threatened action against Kharg Island, saying in June that he wanted to take control of it before ruling out a US military operation there.
The US blockade followed Iran’s effective closure of the Strait of Hormuz, a key global energy route that previously carried about one-fifth of the world’s oil supply.
Regional
Iranian tanker hit by US attack near Iran’s Kharg Island, Tasnim says
Tasnim quoted local sources as saying there were no casualties and the tanker’s crew was being evacuated.
An Iranian tanker was hit by U.S. forces on Saturday near Iran’s key oil export hub, Kharg Island, in the Gulf, the semi-official Iranian news agency Tasnim reported.
According to a Tasnim correspondent from Kharg, the tanker was hit by four U.S. missiles in the area of Kharg Island’s anchorage, Reuters reported.
Tasnim quoted local sources as saying there were no casualties and the tanker’s crew was being evacuated.
There was no immediate official announcement by Iranian authorities and U.S. Central Command did not immediately respond to a request for comment.
U.S. President Donald Trump said on August 31 in a one-line social media post accompanied by an AI-generated video that Kharg Island was being “blown to smithereens”. Iranian authorities have vowed a strong response if Kharg is attacked.
Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries and exported 90% of its crude via Kharg Island before the war, but flows have been disrupted since a U.S. blockade of Iranian oil exports began in mid-April.
Trump said on June 11 that he wanted to take over Kharg Island, but then said a threatened U.S. military operation there was off the table for now, days before Tehran and Washington signed an interim agreement aimed at ending the war on June 17.
A U.S. attack on Kharg would heap further pressure on Iran’s oil industry and its wider economy, which is already reeling from the U.S. naval blockade.
The U.S. imposed its blockade on Iranian ports after Iran effectively shut the Strait of Hormuz, a key waterway that carried one-fifth of the world’s oil supply before the war.
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