Russia’s Oil Windfall Gets Bigger as Hormuz Stays Shut

Russia just found itself on the right side of the oil shock. 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. For tax purposes, Russia will calculate May oil revenues using an average Urals price of $94.87 per barrel, the highest level since October 2023, according to Bloomberg calculations based on government data. That translates into nearly 7,300 rubles per barrel, up 18% from April. And nearly 60% higher than a year ago.…