Oil: Urals Rises to 13-Year High.

Russian Urals crude jumped to around $110 per barrel, the highest since 2013, as global oil prices climbed amid the ongoing Middle East conflict. Disruptions to Gulf supplies through the Strait of Hormuz have pushed crude above $100, with Russia benefiting as buyers seek alternative sources. President Donald Trump said he expects to reach a deal to end hostilities but also threatened strikes on Iran’s energy infrastructure, including Kharg Island, warning that if the strait is not reopened, the US could target oil and power facilities. President Vladimir Putin urged Russian producers to capitalize on soaring prices but cautioned that the surge is temporary. Meanwhile, the US expanded a permit allowing countries to purchase Russian crude, extending a temporary waiver previously granted only to India. Indian refiners, including Indian Oil Corp. and Reliance Industries, have bought around 30 million barrels of Russian crude after receiving approval in early March, according to sources.