On Sunday, Brent crude futures fell by $1.04 to $108.82 per barrel, while U.S. West Texas Intermediate decreased by 26 cents to $101.15 per barrel. The decline in prices comes amid heightened concerns following Ukraine's drone strikes on oil facilities in St. Petersburg, which exports approximately 120,000 barrels per day of refined products.
The extent of the damage at the terminal remains uncertain. This escalation follows a brief pause in strikes after a truce was suggested by former President Donald Trump, which Ukraine has since disregarded. Additionally, tensions in the Middle East are rising, with reports of two tankers being attacked off the Saudi coast, attributed to Iran's efforts to disrupt crude oil exports in the region.
These developments could lead to increased volatility in oil prices and supply chain disruptions, affecting both the energy sector and broader market conditions