Oil Prices Rise Amid Geopolitical Tensions and Market Uncertainty
Oil prices rose due to refinery attacks and a falling dollar, impacting the energy market and highlighting geopolitical tensions.
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Refinery Attacks
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Russia's Fuel Crisis Deepens Amid Drone Attacks and Supply Disruptions
Wholesale gasoline prices in Russia have hit record highs due to Ukrainian drone strikes damaging key refineries, disrupting supply amid peak seasonal demand, with experts divided on when prices will fall and concerns over potential fuel shortages.
Geopolitical Tensions Drive Oil Prices Higher
Crude oil futures rose as Ukrainian drone strikes disrupted Russian refining capacity, leading to Moscow ordering output cuts to meet OPEC+ targets. The West Texas Intermediate contract for May gained $1.21 to $81.84 a barrel, while the Brent contract for May added $1.14 to $86.57 a barrel. Russia has instructed companies to reduce oil output to fulfill its commitments to OPEC+, following voluntary production cuts by several OPEC+ countries. Ukrainian drone attacks have targeted Russian energy infrastructure, with at least 10% of Russia's refining capacity disrupted, according to British intelligence.