Crude oil prices in the world market had registered a surge due to drone attacks on Russian energy infrastructure by Ukrainian forces.
As reported by Reuters, the activities of the trade on Monday were indicative of the effects of these drone attacks on Russian refineries. Brent crude futures rose by 36 cents, or 0.5%, to $67.35 per barrel, while U.S. West Texas Intermediate (WTI) increased by 36 cents, or 0.6%, reaching $63.05 per barrel.
The report stated that Ukraine has intensified attacks on Russian oil infrastructure, targeting the country’s largest oil export terminal, Primorsk, and the Kirishi refinery, one of Russia’s biggest refining facilities. Analysts at JP Morgan said the attacks highlight a growing trend of disruptions to international oil markets, which could put further upward pressure on prices.
Primorsk has a daily loading capacity of one million barrels, making it a key export hub and the largest port in western Russia. The Kirishi refinery, operated by Surgutneftegas, processes 17.7 million metric tons of crude oil annually (around 355,000 barrels per day), accounting for 6.4% of Russia’s total production.
Tony Sycamore, an analyst at IG Markets, said Ukraine’s targeting of Russian oil export infrastructure introduces additional risks to price forecasts. However, he added that concerns of oversupply remain due to OPEC+ plans to increase production.
