On Tuesday, oil prices rose due to fears of new disruptions in crude oil supplies to global markets following Ukrainian drone attacks on infrastructure for Russian exports. This was reported by Reuters, writes UNN.
Details
Brent crude rose by 20 cents, or 0.29%, to $68.35 per barrel as of 00:39 GMT, while US WTI rose to $64.82 per barrel, up 81 cents, or 1.27%.
WTI futures did not trade on Monday due to the Labor Day holiday in the US.
Recent Ukrainian drone attacks have disabled facilities that provide at least 17% of Russia's oil refining capacity, or 1.1 million barrels per day, according to Reuters estimates.
On Sunday, Ukrainian President Volodymyr Zelenskyy stated that Ukraine plans new strikes deep into Russian territory after several weeks of intensified attacks on Russian energy facilities.
Three and a half years after the war began, Russia and Ukraine have both intensified airstrikes in recent weeks. Russia has targeted Ukraine's energy and transport infrastructure, while Ukraine has struck Russian oil refineries and pipelines.
Risks to energy infrastructure in Russia remain high. Ukraine launched new strikes on Russian oil refineries over the weekend, intensifying attacks on infrastructure
China's views on a "new world order" could also heighten geopolitical tensions. On Monday, Chinese President Xi Jinping, during a summit with Russian and Indian leaders, promoted his vision of a new security and economic system that prioritizes the "Global South," a direct challenge to the United States.
China and India remain the largest buyers of Russian oil — the world's second and third largest economies import it in significant volumes. Trump imposed additional tariffs on India for such purchases, but did not affect China.
Investors are currently awaiting the OPEC+ meeting, scheduled for September 7, for signals regarding a possible increase in production volumes.