Ukraine's strikes on Russian oil partly fueled global 'energy shock,' Bessent says
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Ukrainian strikes against Russian energy assets have contributed to energy prices surging worldwide, U.S. Treasury Secretary Scott Bessent told Fox News on Sept. 2.
"Ukraine has decided that they want to blow up Russian energy assets and refined products, so that is creating upward price pressure on the global basis," Bessent said.
Kyiv has been carrying out a campaign of long-range drone strikes against Russian oil refineries and depots in an effort to undercut Moscow's budget revenues and its ability to wage its all-out war.
The U.S. Treasury chief claimed that these attacks, in combination with disruptions caused by the U.S.-Iran war, are driving an "energy shock" around the world.
His comments come days after he met Russian Finance Minister Anton Siluanov at a G20 meeting in the U.S., where he pressed his Russian counterpart on the need to end the war in Ukraine.
Ukraine carried out at least 30 attacks against Russian refineries and oil tankers only in July. Analysts cited by Bloomberg estimate that Russia's crude processing rate fell to about 3.6 million barrels per day, the lowest since May 2002.
These disruptions have led to long lines at Russian gas stations and fuel shortages across the country, and to Russia imposing a ban on fuel exports.
The fuel crisis in Russia coincides with a global energy price surge driven by the U.S.-Iran war that led to the closure of the Strait of Hormuz, a key maritime route for global oil trade.
