Urals crude rises above $100 to 4-month high
Russian Urals crude traded above $100 a barrel and Brent above $105 as Middle East fighting involving Yemen-based Houthi militants and Saudi-backed forces raised supply-disruption concerns.
Russian Urals crude climbed above $100 a barrel, its highest since May, while Brent traded above $105 as intensifying fighting involving Yemen-based Houthi militants and Saudi-backed forces stoked concern about further Middle East supply disruptions. The International Energy Agency also lowered its outlook for Russian oil production again, citing continued Ukrainian drone strikes on energy infrastructure and refineries. 3 million bpd. 6 million bpd.
Russia’s refining sector is also under pressure, with sanctions limiting access to replacement equipment and repeated drone attacks damaging key processing units. The IEA warned repairs, colder weather and continued strikes could further weaken the country’s refining capacity.