Published 24 days ago • loading... • Updated 22 days ago

Oil Prices Jump as Ukraine Hits One of Russia’s Biggest Export Hubs

On Friday, Ukrainian drones struck Novorossiysk, damaging a ship, an oil depot and apartments, injuring three crew members; WTI rose 1.52% to $59.58 and Brent traded at $63.88.
Ukrainian forces have increasingly targeted Russian oil-refining, storage and export infrastructure using drones and missiles, and analysts say in recent months the campaign shifted to hard-to-replace refinery equipment.
Emergency crews said they brought a fire at an oil depot in a transshipment complex under control after drone fragments smashed windows in at least four apartments.
Novorossiysk's role as Russia's second-largest oil export hub raises fears of supply disruptions amid U.S. sanctions effective Nov. 21 barring transactions with Rosneft and Lukoil.
Despite price spikes, the broader market outlook remains bearish as U.S. crude inventories rise and analysts cited warnings of a severe glut in 2026 despite short-term markets disruptions.

Insights by Ground AI

108 Articles

Financial Post

Lean Right

Consumers Feel Pinch at Pump as Russia Drives Oil Refining Boom

(Bloomberg) — It’s a great time to be an oil refiner — but a less great time to be filling up at the pump.

22 days ago·Canada

Read Full Article

ilgiornale.it

Lean Right

Russian Bomb Hell on Kiev. Ukrainian Revenge on Oil

Moscow raises the shot with 430 drones and 19 missiles. After the attacks on the cities, the raids of Zelensky drones on the port of Novorossiysk: crucial for the export of crude oil

23 days ago·Italy

Read Full Article

Dawn

Lean Left

Six killed in massive Russian attack on Kyiv

Oil export suspended as Ukraine bombs port in retaliation.

23 days ago·Pakistan

Read Full Article

Japan Today

Lean Left

Ukrainian attack halts oil exports from Russia's Novo, affecting 2% of global supply, sources say

Russia's Black Sea port of Novorossiysk temporarily suspended oil exports - equivalent to 2.2 million barrels per day, or 2% of global supply - on Friday, according to…

23 days ago·Sakado, Japan

Read Full Article

La Libre

Center

Drone Attack in Russia: Oil Burns, Markets Burn

An attack by Ukrainian drones on a Russian port makes oil prices jump, rekindling geopolitical tension in the markets. ...

23 days ago·Brussels, Belgium

Read Full Article

Daily Kos

Left

Russian stuff blowing up: Ukraine blasts Russia's oil port at Novorossiysk

A massive mushroom cloud rises over the port city of Novorossiysk. Ukraine hit an air-defense site, then struck the oil terminal and other targets. Ukraine is reported to have used Long Neptune cruise missiles in the strike, which halted all oil...

23 days ago·United States

Read Full Article

Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/year