By 12:21 GMT, Brent crude futures climbed $0.87, or 1.4%, to $63.88 a barrel, while U.S. West Texas Intermediate (WTI) advanced $0.93, or 1.6%, to $59.62 a barrel. Both benchmarks had surged over 2% earlier in the session before trimming some gains.
The attack damaged a ship in the port, nearby apartment buildings, and the oil depot itself, injuring three crew members, according to Russian officials. In response, Novorossiysk temporarily suspended oil exports, and pipeline operator Transneft halted crude shipments to the outlet, two industry sources told Reuters.
“The intensity of these attacks has increased, it’s happening much more often. Eventually they could hit something that causes lasting disruption,” said Giovanni Staunovo, commodity analyst at UBS. Analysts are now evaluating the long-term impact on Russian oil supply.
In October, Novorossiysk handled 3.22 million tonnes of crude—equivalent to 761,000 barrels per day—along with 1.794 million tonnes of oil products, according to industry sources. Despite Friday’s gains, Brent was on track for a modest weekly rise of 0.4%, while WTI was down 0.3%.
The increases followed a midweek slide of roughly 3% for both benchmarks, triggered by an OPEC report forecasting that global oil supply would meet demand in 2026, marking a shift from earlier expectations of a supply shortfall. U.S. Energy Information Administration (EIA) data released Thursday also showed a larger-than-expected build in U.S. crude inventories, rising by 6.4 million barrels to 427.6 million barrels, surpassing market expectations of a 1.96 million-barrel gain. Gasoline and distillate inventories fell less than anticipated.
Investors are closely monitoring the broader effects of Western sanctions on Russian oil exports, which could further constrain global supply. The U.S. has banned deals with Russian oil majors Lukoil and Rosneft from November 21, intensifying logistical challenges. JPMorgan reported that roughly 1.4 million barrels per day of Russian oil—about one-third of seaborne export capacity—has accumulated in tanker storage as unloading slows due to the sanctions, which could complicate exports once the November cut-off is enforced.
The combined impact of port disruptions, sanctions, and rising geopolitical tensions is keeping the oil market on edge as traders weigh potential supply bottlenecks against global demand forecasts.