Ukraine targeted Russia’s Ukhta oil refinery, located 1,900 kilometers from the Ukrainian border.
Oil prices pared losses on Friday as hostilities between Moscow and Kyiv escalated, while markets assessed the prospects for de-escalation in the Middle East.
Ukrainian President Volodymyr Zelenskyy said Ukraine targeted Russia’s Ukhta oil refinery, operated by state-owned Lukoil and located 1,900 kilometers from the Ukrainian border, according to Reuters.
While US President Donald Trump said he would not launch an attack on Iran before next month’s US elections, Washington imposed fresh sanctions targeting individuals and 17 tankers transporting Iranian oil and petrochemical products, seeking to increase economic pressure on Tehran.
Markets are awaiting US oil and gas rig count data from Baker Hughes later today for further insight into the US supply outlook.
Changes in Benchmark Crude Futures Prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (December delivery)
102.75
(1.53)
(1.45%)
NYMEX (November delivery)
90.59
(0.90)
(1.00%)
As of 2:41 PM Makkah time.
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