Oil prices are rising today after a Ukrainian drone struck the key Russian export port on the Black Sea — Novorossiysk — damaging a docked vessel and causing fires at the Sheskharis oil terminal.
This is one of the most important export points for Russian crude and refined products, handling around 760,000 barrels per day. Therefore, any disruption to this port immediately triggered concerns about supply stability. The attack is part of a broader Ukrainian campaign targeting Russian energy infrastructure, just weeks after a previous strike on facilities in Tuapse. Repeated attacks increase the risk of further supply interruptions at a time when the Kremlin is already struggling with logistics issues resulting from tightening Western sanctions on Rosneft and Lukoil.
Although Brent and WTI prices initially surged by as much as 2.50% in early trading to around $60.50 per barrel after the attack, overall market sentiment remains muted. At present, oil remains 1.40% higher on the day — at $59.40.
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