Oil Prices Jump 2% Following Drone Strike at Major Black Sea Terminal
Key Points:
- Global oil prices surged on Tuesday, with WTI rising 2.1% to $60.75 and Brent up 1.9% at $65.13, following escalating drone attacks at the Novorossiysk terminal, which handles about 2% of the world's daily oil supply.
- The drone strikes targeted two oil tankers, Delta Harmony and Matilda, at the Caspian Pipeline Consortium (CPC) marine terminal near Novorossiysk, a critical export hub for Kazakhstan’s crude oil and some Russian supply.
- The CPC terminal disruption has caused significant delays and reduced Kazakhstan’s oil output, which fell sharply in late November and early December due to damage and loading capacity limits, impacting roughly 80%