Oil prices have risen as investors weigh the impact of Ukrainian drone attacks on Russian refineries, which could disrupt crude and fuel exports, and as U.S. fuel demand continues to grow. At 7:32 a.m. WAT, Brent crude futures were up 36 cents, or 0.5 percent, to $67.35 a barrel, while U.S. West Texas Intermediate traded at $63.05 a barrel, also gaining 36 cents, or 0.6 percent.
The price increase follows a series of intensified Ukrainian attacks on Russian oil infrastructure, including the country’s largest oil‑exporting terminal at Primorsk and the Kirishinefteorgsintez refinery, one of Russia’s two biggest refineries. Primorsk can load about one million barrels per day, making it a critical hub for Russian oil exports. The Kirishinefteorgsintez refinery, operated by Surgutneftegaz, processes roughly 17.7 million metric tons per year—about 355 000 barrels per day, or 6.4 percent of Russia’s total crude output.
Despite a drone strike on Saturday, an oil company in Russia’s Bashkortostan region said it would maintain production levels, according to regional governor Radiy Khabirov. The situation is being closely monitored as pressure on Russia mounts, with U.S. President Donald Trump reiterating his willingness to impose sanctions on Moscow while urging Europe to take comparable action.
Investors are also watching U.S.–China trade talks, which began in Madrid on Sunday. The negotiations occur amid Washington’s demand that its allies levy tariffs on Chinese imports because of China’s purchases of Russian oil. These developments are significant because they could affect global oil prices and the broader energy market. As events unfold, investors and industry experts will continue to track the effects of the Ukrainian drone attacks and the responses of major world powers.
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