Summary: Oil prices firmed as Ukraine targeted Russian energy infrastructure over the weekend, including the Primorsk export terminal (~1 mb/d capacity) and the Kirishinefteorgsintez refinery (~355 kb/d). Brent traded around the high‑$66s/$67 and WTI near $63 as markets weighed supply risks against broader surplus expectations.
What happened
Ukrainian long‑range drones struck assets across Russia’s northwest, briefly disrupting operations and igniting fires. Analysts say sustained pressure on export terminals and large refineries could tighten near‑term balances despite OPEC+ output increases.
Why it matters
- Energy security: Primorsk handles Russia’s largest western oil flows; disruptions spill into European product markets.
- Macro channel: Higher crude and diesel prices can complicate central‑bank easing plans this fall.
Key facts
- Target set: Primorsk terminal; Kirishi refinery; other energy sites.
- Market move: Brent ~${67}; WTI ~${63} during Monday trading.
- Backdrop: OPEC+ policy gradually lifting output; surplus risks persist.
What to watch
Follow‑up strikes, Russian repairs, and whether insurers/charterers adjust risk premia on Baltic routes.