Brent Crude Holds at $109 Per Barrel
Attacks on Russian terminals and Persian Gulf vessels heighten global energy supply tensions.
Global markets Editor: Fabricio Marcilio 1 min read
Brent crude oil prices are hovering near $109 per barrel. The market is reacting to a fresh wave of Ukrainian strikes against energy facilities within Russia.
An export terminal in Saint Petersburg caught fire following a series of drone strikes on Sunday. The facility processes approximately 120,000 barrels of refined products daily. Local authorities have yet to provide a full assessment of the structural damage.
Geopolitical tension is also rising in the Middle East. Two tankers were targeted off the coast of Saudi Arabia last Friday. Reports indicate the use of rocket-propelled grenades and other projectiles against the vessels in the Persian Gulf region.
The Ukrainian government decided to resume strikes against Russian infrastructure after a period of restraint. This move comes in response to Russia's ongoing attacks on Ukraine's energy sector. The instability in global fuel supplies remains a top concern for investors.
Iran has stepped up actions against ships along strategic routes such as the Strait of Hormuz. The stated goal of these operations is to restrict crude oil exports from the region. The combination of these events keeps upward pressure on energy commodity prices.
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