Oil Prices Climb as Ukraine Drone Strikes Disrupt Russian Fuel Exports

Oil prices climbed this week as Ukraine’s drone strikes on Russia’s energy infrastructure disrupted refining capacity and exports, forcing some Russian regions into fuel shortages. Brent crude closed at $70.13 a barrel, while U.S. West Texas Intermediate settled at $65.72—both marking their strongest weekly gains since mid-June. Analysts note that Russia’s extended export bans, U.S. pressure on allies to cut Russian imports, and NATO’s warnings of heightened consequences are fueling market jitters. At the same time, Iraq’s Kurdistan region is set to resume exports to Turkey, and stronger U.S. economic data suggests steady demand. The combination of tightening supply and resilient demand continues to push prices upward.