Oil prices slipped during Asian trading on Monday, after Reuters reported a resumption of crude loadings at Russia’s key Novorossiysk export hub.
The Black Sea port had suspended operations for two days following a Ukrainian strike, briefly disrupting global supply flows.
By 3:15 pm AEDT (4:15 am GMT), Brent crude futures were down 52 cents, or 0.8%, at $63.87 per barrel. U.S. West Texas Intermediate (WTI) crude fell 54 cents, or 0.9%, to $59.50 per barrel.
Both benchmarks climbed more than 2% on Friday, finishing the week modestly higher after exports were halted at Novorossiysk and at a Caspian Pipeline Consortium terminal nearby – a disruption equivalent to roughly 2% of global crude supply.
Two industry sources confirmed that the Novorossiysk port resumed oil loadings on Sunday.
Still, Ukraine’s intensifying strikes on Russian energy infrastructure remain a key risk for further supply interruptions.
Ukraine’s military said on Saturday it struck Russia’s Ryazan oil refinery, while Kyiv’s General Staff reported on Sunday that it had hit the Novokuibyshevsk refinery in the Samara region.
Analysts at ING highlighted additional geopolitical risks, noting: “Risks are also emerging elsewhere, with Iran seizing an oil tanker in the Gulf of Oman after it passed through the Strait of Hormuz. The Strait is a key choke point for the global oil market, with around 20m b/d passing through it.”
Investors are also assessing the impact of Western sanctions on Russian supply and global trade flows. The U.S. has imposed restrictions banning transactions with Russian oil groups Lukoil and Rosneft after 21 November in an effort to pressure Moscow into peace negotiations over Ukraine.
Speaking on Sunday, U.S. President Donald Trump said Republicans are preparing legislation to sanction any country that continues doing business with Russia, adding that Iran could be included on that list.
