US EditionOil 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.
77 Articles
77 Articles
Russia's war costs money. But the country has to contend with ever greater export difficulties. Western tariffs put Putin in distress.
Ukraine hits Russian Black Sea oil port as 6 die in Kyiv
Ukrainian forces carried out an attack on a major Russian Black Sea port overnight, prompting a state of emergency, as Moscow launched a widespread air strike on Kyiv that killed at least six and damaged residential buildings.
Russia’s oil giant Transneft suspends oil flows to Novorossiysk after drone strikes, city declares state of emergency
Oil-loading facilities at the port of Novorossiysk came under drone attack overnight on November 14. Authorities declared a state of emergency in the city. The Krasnodar Region’s operational headquarters said in the morning that an oil depot at the Sheskharis transshipment complex was damaged and that debris from drones fell onto multi-apartment residential buildings. Officials added that debris also damaged a civilian vessel in the port, injuri…
The ASA revealed the details of the oil terminal damage operation.
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