Oil prices fell in Asian trading on Monday after Russia’s Novorossiysk port resumed crude exports, easing fears of an immediate supply disruption following last week’s attacks.
Brent crude dropped 0.9% to $63.80 a barrel, while WTI fell 1% to $59.47 a barrel.
Last Friday, Ukrainian strikes forced both Novorossiysk and the nearby CPC terminal to halt loadings, temporarily disrupting roughly 2% of global oil supply and sending prices up more than 2%. However, tanker-tracking data over the weekend showed shipments had resumed, leading to a retracement in prices.
Still, risks remain elevated. Ukraine claimed new drone attacks on two Russian refineries over the weekend, raising concerns about prolonged supply disruptions.
Traders are also assessing the impact of tougher U.S. sanctions set to take effect on November 21, which will prohibit companies from dealing with Lukoil and Rosneft—potentially leaving some Russian crude stranded.
Analysts at ING noted that while markets still expect a global supply surplus by 2026, escalating geopolitical tensions—including Iran’s seizure of a tanker in the Gulf of Oman—keep energy risk premiums high.