Ukraine’s escalating campaign of drone and missile attacks on Russian oil refineries, export terminals, and energy depots has directly contributed to a sharp rise in global oil prices. Recent strikes on key sites like the Novorossiysk oil port on November 14 temporarily halted Russian maritime exports and sent crude futures up 2-3% in the US, Europe, and Asia. Analysts point to a combination of Ukrainian attacks, refinery outages in Kuwait and Nigeria, and fresh US/EU sanctions on energy giants like Rosneft and Lukoil as major factors fueling the price surge. Ukraine’s strikes have reportedly forced 38-40% of Russian refining offline at times, causing fuel shortages within Russia and tighter global supply.
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