Oil prices gained ground on Tuesday, as Ukraine war escalations raised questions over the resilience of Russian supplies, while uncertainty lingers over the impact of Washington’s policies on key oil consumers.
Brent futures with November expiry were at $69.46 per barrel at 10:54 a.m. London time ( 5:54 a.m. E.T.), up 1.92% from the Monday close.
The front-month October Nymex WTI contract was trading at $65.97 per barrel, higher by 3.06%. WTI futures did not settle on Monday because of the U.S. Labor holiday.
Moscow and Kyiv have ramped up fire exchanges in their three-and-a-half-year conflict, with Reuters calculations pointing to Ukrainian drone attacks shutting down facilities accounting for at least 17% of Russia’s oil processing capacity. CNBC could not independently verify the report.
Ukrainian President Volodymyr Zelenskyy vowed “new deep strikes” against Russia in a social media post over the weekend, without disclosing details. His pledge comes amid stalling U.S. and European efforts to draw Kremlin leader Vladimir Putin into conceding to bilateral ceasefire talks with his Ukrainian counterpart.
