Discount, premium, discount, premium: How Russian crude prices swung as India stepped up procurement amid US-Iran war

Russian oil which remained the mainstay of India’s crude procurement strategy since the US-Iran conflict began has swung from being available at high premiums to discounts and back at premiums again as the Middle East conflict situation has evolved.

The conflict in Iran turned the pricing of Russian crude for Indian refiners into a key indicator of market sentiment, with discounts swinging dramatically as the crisis unfolded.