Oil prices surge after Ukrainian attack on major Russian port

Oil prices have reportedly jumped by around 2% after a Ukrainian attack on Russia’s Novorossiysk port disrupted oil shipments, triggering supply concerns. The price of Brent crude increased by $1.50 (2.4%) to $64.51 per barrel (bbl) and US West Texas Intermediate climbed $1.57 (2.7%) to $60.26/bbl, according to Reuters. Reuters noted that industry sources reported that Novorossiysk handled 3.22 million tonnes (mt) of crude oil (761,000 barrels per day) in October, as well as 1.79mt of oil products. Earl ...