Urals tastes better for Europeans

Russia could gain on rising tension between the Western powers and Iran.

France intends to ban oil imports from Iran following the storming of the British Embassy in Tehran at the weekend.  The conflict over Iran’s nuclear programme has already pushed Russian crude to a rare premium over North Sea Brent. Since Russian oil is widely consumed by European refineries on the Mediterranean it could become the only alternative if Iran comes off the market  according to Natalia Beales from Platts.