Middle East Crisis Cuts Russia Oil Discounts

Middle Eastern oil offsets Russian oil discounts to India due to supply disruptions in the region, leading traders to cancel discounts of over $10 per barrel on Ural crude compared to Brent when shipments arrive at Indian ports. Indian refiners have increased their purchases of Russian oil and continue to offer terms for shipments scheduled in September to compensate for supply disruptions from the Middle East. Indian refineries are facing higher oil costs and declining profit margins as prices remain high, while security risks in shipping lanes across the Red Sea are growing, threatening vessel movements and driving up crude oil costs.

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