Oil prices surged about 2% on Friday after a Ukrainian drone attack on a Russian port halted loading operations, overcoming pressures from concerns over oversupply and weak U.S. demand.
اضافة اعلان
Brent crude futures rose $1.02, or 1.5%, to $67.39 per barrel as of 13:28 GMT.
U.S. West Texas Intermediate (WTI) climbed $1.08, or 1.7%, to $63.45 per barrel.
A Ukrainian security official told Reuters that the drone strike on the Primorsk port in northwestern Russia—one of the country’s largest oil and fuel export terminals—led to a temporary suspension of oil loading overnight.
Giovanni Stonovo, an analyst at UBS, noted: “These attacks on Russian energy infrastructure could reduce exports of crude oil and refined products.”
The Kremlin announced a temporary halt to peace talks with Ukraine. The two sides held three direct negotiation rounds this year in Istanbul, the latest on July 23, but remain far apart on a potential peace deal. The stalemate could prompt additional Western sanctions on Russia.
Olli Havalbay, an analyst at SEB Research, added: “Stronger sanctions could weigh on forecasts for oversupply.”
Previously, Brent and WTI had dropped 1.7% and 2% respectively on Thursday.
According to a monthly report by the International Energy Agency (IEA), global oil supply is expected to grow faster than previously anticipated this year, largely due to planned production increases from OPEC+, which includes OPEC and allies such as Russia.
OPEC’s report later in the day maintained its relatively high forecast for global oil demand growth this year and next, signaling continued resilience in the global economy.
On the supply side, Adani Group, India’s largest private port operator, barred Western-sanctioned tankers from entering all its ports, potentially limiting Russian oil shipments. India is the largest importer of Russian seaborne oil, which is mostly transported on EU, U.S., and U.K.-sanctioned vessels.
