Oil rises over 1.5% after Ukrainian drone attack on Russian port

Oil drilling rigs

Oil prices climbed on Friday, supported by renewed supply disruption concerns after Ukrainian drones targeted an oil storage facility at Russia’s Black Sea port of Novorossiysk.

Brent crude futures for January 2026 rose 1.5%, or 96 cents, to $63.97 a barrel as of 8:57 a.m. Makkah time.

US WTI crude futures for December gained 1.65%, or 97 cents, to $59.66 a barrel.

Russian officials said the morning attack damaged a ship at the port, in addition to harming several residential buildings and an oil storage facility, injuring three crew members, according to Reuters.

Joanne Goh, senior oil market analyst at Sparta Commodities, said the attack raised concerns over supply disruption, as the port is the country’s second-largest oil export hub.