Iran War Doubles Russia Oil Revenue
Analysis based on 18 articles · First reported Apr 09, 2026 · Last updated Apr 09, 2026
The global energy crisis, triggered by the US and Israeli attack on Iran and the subsequent closure of the Strait of Hormuz by Iran, has led to a significant surge in oil prices, with Brent Crude futures exceeding $100 per barrel. This has resulted in a substantial financial windfall for Russia, as its oil tax revenue is projected to double to $9 billion in April, positively impacting its budget despite existing deficits and potential threats from Ukraine's attacks.
A global energy crisis has been triggered by US and Israeli airstrikes on Iran at the end of February, leading Iran to effectively shut the Strait of Hormuz, a critical route for global oil and LNG flows. This geopolitical event has caused Brent Crude futures to surge past $100 per barrel. As a direct consequence, Russia, the world's second-largest oil exporter, is experiencing a significant financial windfall. Reuters calculations indicate that Russia's mineral extraction tax on oil output will double to approximately 700 billion Russia — Russian rubles ($9 billion) in April, up from 327 billion Russia — Russian rubles in March. The average price of Petroleum, used for Russian taxation, jumped to $77 per barrel in March, a 73% increase from February. While this surge in revenue is a boon for Russia, economists caution about potential limits to this windfall, citing Russia's budget deficit and ongoing attacks by Ukraine on Russian energy infrastructure.
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