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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.
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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...
·United States
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Russia's war costs money. But the country has to contend with ever greater export difficulties. Western tariffs put Putin in distress.
The port city handles 2 percent of global oil supply.
Coverage Details
Total News Sources100
Leaning Left15Leaning Right16Center11Last UpdatedBias Distribution38% Right
Bias Distribution
- 38% of the sources lean Right
38% Right
L 36%
C 26%
R 38%
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