The trajectory of global oil prices in 2026-2027 may turn out to be higher than expected in July, the Central Bank of Russia said in the summary of the interest rate discussion. "International oil prices in the third quarter of 2026 developed more than expected. The assumption regarding the timetable for the normalization of the situation in the Middle East embedded in the July forecast did not materialize," the central bank said. The participants of the discussion considered that in such an environment it is worthwhile to provide in the updated basic scenario for a later recovery of navigation over the Strait of Hormuz and a higher route for Russian oil prices in 2026-2027, the regulator added.

The trajectory of global oil prices in 2026-2027 may turn out to be higher than expected in July, the Central Bank of Russia said in the summary of the interest rate discussion. "International oil prices in the third quarter of 2026 developed more than expected. The assumption regarding the timetable for the normalization of the situation in the Middle East embedded in the July forecast did not materialize," the central bank said. The participants of the discussion considered that in such an environment it is worthwhile to provide in the updated basic scenario for a later recovery of navigation over the Strait of Hormuz and a higher route for Russian oil prices in 2026-2027, the regulator added.