Global Oil Prices Jump as Ukraine Strikes Key Russian Refineries

Global oil prices surged on September 15 as Ukrainian drone attacks targeted multiple Russian oil refineries over the past week.

Brent crude futures increased 0.5 per cent to $67.35 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.6 per cent to $63.05. Both benchmarks gained more than 1 per cent over the week amid Kyiv’s intensified offensive against Russia’s energy infrastructure, The Caspian Post reports via Ukrainian media.

Ukrainian forces struck several key Russian facilities, including the Ilsky refinery in Krasnodar Krai, Russia’s largest oil-loading port on the Baltic Sea, a major refinery in Bashkortostan, and the Kirishi refinery in Leningrad Oblast. Kirishi, one of the country’s largest refineries, processes over 17 million tons of crude annually.

Ukrainian President Volodymyr Zelenskyy described Ukraine’s attacks on Russian oil facilities as the "most effective sanctions," noting that "They have significantly curbed the Russian oil industry, which curbs the war."

Oil exports make up roughly one-third of Russia’s federal budget, providing a critical funding source for the country’s military operations in Ukraine.

US President Donald Trump has linked the decline in Russian oil revenues to his peace efforts, suggesting that reduced income could pressure Russian President Vladimir Putin to end the conflict. The US has also sought to limit Moscow’s oil sales by imposing tariffs on countries purchasing Russian crude.

India, one of Russia’s top oil customers, temporarily paused imports following a 25 per cent U.S. tariff on August 1 and a subsequent 25 per cent duty on August 27. US officials have similarly warned that Chinese exports could face sanctions if Beijing continues oil trade with Moscow.

US Energy Secretary Chris Wright emphasized on September 8 that European countries must end imports of Russian oil and gas to expect further escalation of sanctions from Washington.