Oil Prices Surge 2% After Drone Attack on Russian Oil Depot

Ukrainian Strike Halts Exports from Major Russian Port

Crude oil prices rose sharply Friday after another Ukrainian drone attack struck a Russian oil depot, forcing the port of Novorossiisk to halt exports. The assault caused significant infrastructure damage and renewed global concerns over supply disruption.

The attack damaged both a ship and the oil depot itself. Three crew members aboard the vessel were reported injured, according to early reports. Russia’s port of Novorossiisk, which handles about 2.2 million barrels per day — roughly 2% of global oil supply — suspended operations following the strike.

Russia’s state-owned pipeline monopoly Transneft also halted crude supplies to the outlet, two industry sources told Reuters.

Analysts Say Impact Greater Than Prior Attacks

An analyst from Price Futures Group told Reuters the event represented a significant escalation:

“The hit on that Russian terminal was huge and seems to have had a bigger impact than previous attacks.”

This strike adds to a series of Ukrainian assaults targeting Russia’s energy infrastructure, which have become a key part of the ongoing economic and military pressure campaign.

Crude Prices Rebound Above $60 per Barrel

WTI and Brent Post Strong Gains

Following news of the attack, West Texas Intermediate (WTI) crude climbed above $60 per barrel for the first time in several weeks.

• WTI gained $1.40, or 2.39%, settling at $60.09 a barrel on the New York Mercantile Exchange.

• Brent crude, the global benchmark, rose $1.38, or 2.19%, closing at $64.39 a barrel.

Energy traders cited heightened geopolitical risk and potential export bottlenecks from the Black Sea as immediate catalysts for Friday’s price surge.

Natural Gas Falls as Crude Climbs

While oil markets gained momentum, natural gas prices slipped nearly 3% on Friday. Natural gas futures fell $0.139, or 2.99%, to settle at $4.507 per MMBtu. Analysts attributed the decline to mild weather forecasts and strong U.S. storage levels, which offset broader energy market volatility.

Oklahoma Energy Stocks Post Mixed Results

A majority of Oklahoma-based energy companies recorded gains alongside the rally in crude prices. SandRidge Energy led with a 4% increase, reflecting optimism tied to stronger oil pricing.

However, Empire Petroleum shares dropped nearly 8%, continuing a weeklong slide despite overall sector gains.

The trading day underscored the volatility shaping Oklahoma’s energy markets, as global geopolitical events continue to reverberate through local producers and commodity investors.

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