MOSCOW, March 5. /TASS/. The price of Russian ESPO oil (a grade of Siberian oil supplied via the East Siberia - Pacific Ocean pipeline) has shown a sharp increase amid disruptions to supplies from the Middle East. The price of one barrel rose by about 2% on March 4 to around $64, and by almost 12% since February 28, according to an oil market review by Platts for March 4 (seen by TASS).

In two weeks, the ESPO price jumped by 16%, having grown from around $55 per barrel since mid-February, according to the document.

Oil prices surged worldwide due to the blocking of the Strait of Hormuz, a key artery for the global oil market, Platts noted. Shipping through the strait remained severely limited on March 4, the supply of oil and petroleum products virtually halted, with hundreds of ships lined up on both sides, despite the US promise to provide risk insurances.

Tracking data from S&P Global Commodities at Sea showed a complete halt in the movement of large oil tankers on the morning of March 4 compared to around 12 tankers passing daily prior to the start of the US-Iranian conflict on February 28.

Demand for Russian oil, especially Urals, is strengthening as a replacement for lost or delayed Middle Eastern barrels, while some Asian oil refineries that previously exited the Russian oil market are now considering or have already completed purchases of Russian oil, analysts said.