Global oil prices rise as Ukrainian drone strikes on Russian energy sector escalate
Global oil prices rose on Sept. 15 as Ukrainian drone strikes continued to hit Russian oil refineries throughout the past week, Reuters reported.
Brent crude futures climbed 0.5% to $67.35 per barrel, while U.S. West Texas Intermediate crude increased 0.6% to $63.05. Both benchmarks gained over 1% last week amid Kyiv's intensified campaign against Russia's energy infrastructure.
Over the past week, Ukrainian forces struck multiple Russian energy facilities, including the Ilsky refinery in Krasnodar Krai, Russia's largest oil-loading port on the Baltic Sea, a major refinery in Bashkortostan, and the Kirishi refinery in Leningrad Oblast.
Kirishi, one of Russia's largest refineries, processes more than 17 million tons of crude annually.
President Volodymyr Zelensky said on Sept. 14 that Ukraine's strikes on oil facilities amount to the "most effective sanctions," weakening Russia's ability to finance its war.
"They have significantly curbed the Russian oil industry, which curbs the war," he said.
Oil exports constitute about one-third of Russia's federal budget, making them a critical source of funding for the war in Ukraine.
U.S. President Donald Trump has tied Russia's declining oil revenues to his peace efforts, warning that reduced income could pressure Russian President Vladimir Putin to end the war.
The U.S. has tried to pressure Moscow's allies by imposing tariffs on countries purchasing Russian oil.
India, one of Russia's top oil customers, temporarily paused imports after Trump imposed a 25% tariff on Aug. 1, followed by an additional 25% duty on Aug. 27. U.S. officials have also warned of similar actions against Chinese exports if Beijing continues oil trade with Moscow.
U.S. Energy Secretary Chris Wright said on Sept. 8 that European countries must end Russian oil and gas imports if they expect Washington to escalate sanctions further.
