Oil prices slipped on Tuesday as concerns over supply eased following the resumption of loadings at a Russian export hub. The hub, briefly halted after a Ukrainian drone and missile strike, has now restarted operations, relieving some pressure on global oil supplies. Located in Novorossiysk, the hub and a nearby Caspian Pipeline Consortium terminal together handle about 2.2 million barrels per day, roughly 2 % of worldwide supply. The temporary export halt on Friday had pushed crude prices up more than 2 %, but with loadings back on track, traders are turning their attention to the longer‑term impact of Western sanctions on Russian oil flows.
As of 05:20 AM WAT, Brent crude futures were down 46 cents, or 0.72 %, at $63.74 a barrel, while U.S. West Texas Intermediate (WTI) futures fell 45 cents, or 0.75 %, to $59.46 a barrel. The U.S. Treasury has said that sanctions imposed in October on Rosneft and Lukoil are already affecting Moscow’s oil revenues and are expected to curb Russian export volumes over time. The resumption of oil loadings at Novorossiysk on Sunday followed a two‑day suspension triggered by the Ukrainian missile and drone attack, easing worries about supply disruptions and contributing to the price decline.
Meanwhile, the United States is weighing additional sanctions on Russia. President Donald Trump has indicated willingness to sign Russia‑sanctions legislation, provided he retains final authority over its implementation. Looking ahead, Goldman Sachs expects oil prices to fall through 2026 due to a significant supply wave that will keep the market in surplus. However, the bank notes that Brent could rise above $70 a barrel in 2026‑2027 if Russian output declines more sharply than anticipated. As the situation evolves, traders and investors will closely monitor the impact of Western sanctions on Russian oil flows and the resulting effects on global oil prices.
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