Oil prices climbed more than 2% on Friday as a Ukrainian drone strike on Russia’s Black Sea energy hub forced the port of Novorossiisk to halt exports, raising fresh concerns about global supply. Brent crude settled $1.38 higher at $64.39 per barrel, while WTI gained $1.40 to $60.09 per barrel. On the week, Brent rose 1.2% and WTI edged up about 0.6%.
The attack damaged storage tanks, apartment buildings, and a vessel docked in port, prompting Russia’s Transneft to suspend pipeline deliveries to Novorossiisk — a facility that handles roughly 2.2 million barrels per day, or 2% of global crude supply. Analysts said the scale and frequency of Ukrainian strikes have heightened the risk of longer-term disruptions.
“The hit on that Russian terminal was significant and appears to have had a larger impact than previous attacks,” said Price Futures Group analyst Phil Flynn.
Ukraine also reported new strikes on refineries and storage depots in Russia’s Saratov and Engels regions overnight, further tightening expectations for refined product availability.
Meanwhile, sanctions imposed by Washington on Rosneft and Lukoil continue to complicate Russian exports. JPMorgan estimated that about 1.4 million barrels per day of Russian crude—nearly one-third of its seaborne volumes—are now idling on tankers as traders face payment and delivery hurdles ahead of the November 21 sanctions deadline.
In Europe, Britain issued a temporary license allowing continued operations at two Bulgarian subsidiaries of Lukoil, after Sofia moved to seize control of the assets.
Elsewhere, U.S. oil rigs rose by three to 417 last week, according to Baker Hughes, underscoring continued resilience in domestic drilling even as prices fluctuate.
Despite ongoing concerns about oversupply heading into 2026, this week’s developments highlighted how geopolitical risks remain a key support factor for crude markets heading into the final months of the year.