Global oil prices ticked upward on Monday, driven by mounting concerns over supply disruptions from Russia following fresh Ukrainian drone strikes on its refining and export infrastructure.
Brent crude futures gained 36 cents, or 0.5 percent, trading at $67.35 a barrel by 7:32 a.m. WAT. U.S. benchmark West Texas Intermediate (WTI) climbed by the same margin, up 0.6 percent to $63.05 a barrel.
The rally builds on last week’s momentum, when both benchmarks advanced more than one percent after Ukraine intensified assaults on Russian energy facilities.
Among the targets were the Primorsk terminal — Moscow’s largest crude export port — and the Kirishinefteorgsintez refinery, one of Russia’s top two processing plants.
Primorsk alone handles up to one million barrels of crude per day, underscoring its strategic importance as a major export gateway in western Russia.
The Kirishinefteorgsintez plant, run by Surgutneftegaz, has the capacity to process roughly 355,000 barrels daily, representing 6.4 percent of Russia’s refining capacity.
Despite the escalating attacks, authorities in Russia’s Bashkortostan region said production would continue uninterrupted at a local oil firm targeted by a weekend drone strike.
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Regional governor Radiy Khabirov made the assurance, according to Reuters.
Meanwhile, geopolitical pressure on Moscow continues to mount.
U.S. President Donald Trump reiterated on Sunday his readiness to tighten sanctions on Russia, while urging European partners to align their policies more closely with Washington’s stance.
Markets are also keeping a close eye on U.S.-China trade negotiations in Madrid, where discussions began Sunday.
Washington has pressed its allies to impose tariffs on Chinese goods, citing Beijing’s continued purchases of Russian oil as a key sticking point.