In Russia’s grain belt, farmers fret they will not be able to harvest their crops as a fuel crisis sparked by Ukraine’s drone attacks on oil refineries and depots disrupts daily life.
Tag: Transport Fuels
As the strait stays open and crude oil flows out, there are growing expectations of oversupply.
Oil prices fell more than 1% on Wednesday to their lowest levels since March as optimism over U.S.-Iran talks allayed supply concerns after U.S. President Donald Trump said talks in Qatar had gone well.
Ukrainian attacks have caused fuel shortages to spread from Russian-annexed Crimea to nearby parts of southern Russia, and even to the capital Moscow, which has previously been spared, residents say.
Brent crude futures climbed to $72.49 a barrel.
President Vladimir Putin acknowledged on Sunday that fuel supply problems had created shortages in Russian regions and a task force was working on ensuring sufficient quantities were provided throughout the country.
Unverified footage on social media showed a large fire at the refinery.
Fewer vessels transited the Strait of Hormuz on Friday than earlier this week, hours after a Taiwanese-operated ship was fired on by Iran, ship tracking data showed.
Oil prices fell on Friday morning and are heading for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.
Oil prices edged up about 2% on Thursday after a cargo vessel was hit by an unknown projectile near Oman, sparking worries about how long it could take for oil flows in the Middle East to return to levels seen before the U.S.-Israeli war on Iran.