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

Oil prices climbed in early Asian trade on Friday as markets responded to renewed attacks by Ukraine against energy infrastructure in Russia. A Ukrainian drone attack on the Russian Black Sea port of Novorossiysk, one of the country’s most important oil export hubs, triggered renewed fears of supply disruptions in what has been a very bearish market of late.

At the time of writing, WTI had risen 1.52% to $59.58 while Brent was trading at $63.88.

The attacks damaged a ship, nearby apartment buildings, and an oil depot, injuring three crew members aboard the vessel, Russian regional authorities confirmed.

Ukrainian forces have increasingly targeted Russian oil-refining, storage, and export infrastructure using drones and missiles. The campaign has gained intensity in recent months, with the Center for European Policy Analysis noting a shift in strategy “from smaller-scale strikes on storage tanks to targeting hard-to-replace refinery equipment, like cracking units, much of it western-made and subject to sanctions.”

If Ukraine continues to press its deep-strike campaign and Russia faces rolling or compounding infrastructure losses, the supply risk to global oil markets could rise meaningfully.

Russian oil supply is being further suppressed by renewed U.S. sanctions, most notably new restrictions on Russian oil majors Rosneft and Lukoil, effective Nov. 21, prohibiting transactions with the companies as Washington increases pressure on Moscow.

The broader oil market outlook, however, remains bearish, with U.S. crude inventories rising and multiple warnings of a severe glut in 2026.

By Charles Kennedy for Oilprice.com

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