Headline: Oil Rises Over 2% After Drone Strike at Novorossiysk as Sanctions Slow Russian Exports
Introduction: Oil prices jumped in early Friday trading after a Ukrainian drone strike hit infrastructure at Novorossiysk, a key Black Sea oil port for Russian crude exports. The move comes as traders also weigh looming U.S. sanctions that are already slowing seaborne shipments.
Brent crude climbed about 2.1% and WTI advanced roughly 2.4% after local authorities in Russia’s Krasnodar region reported that drone debris struck three residential apartments, a transshipment oil depot, and nearby coastal facilities. Novorossiysk is one of Russia’s most critical export gateways, handling around 2.2 million barrels per day of crude and condensate. While initial reports indicate damage was largely confined to the Sheskharis terminal, the incident underscores the vulnerability of Black Sea logistics.
The attack compounds market tensions linked to new U.S. restrictions on Russian oil companies Lukoil and Rosneft, which take effect on November 21 and prohibit transactions with the firms. Ahead of the deadline, nearly 1.4 million barrels per day of Russian crude—close to a third of its seaborne flows—has accumulated on tankers as discharge slows under sanction pressure. Analysts warn that unloading cargoes after the cut-off may become significantly more difficult, adding to supply risk and supporting prices.
Key Points: – Brent up about 2.1% and WTI up roughly 2.4% in early Friday trade – Ukrainian drone strike hit facilities at the Russian Black Sea port of Novorossiysk – Novorossiysk handles around 2.2 million barrels per day of Russian crude and condensate – Damage reportedly centered on the Sheskharis transshipment terminal – U.S. sanctions on Lukoil and Rosneft begin November 21, barring transactions – About 1.4 million barrels per day of Russian crude is currently idling on tankers as discharges slow
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