Russia was set for an oil windfall from US-Iran war -- then Ukrainian drone strikes knocked out nearly 40% of its export
The U.S. war with Iran has led to a rise in oil prices, which was expected to provide a financial windfall for Russia. However, continuous Ukrainian drone attacks on Russia’s major export hubs have put a damper on these expectations.
When last checked, Brent crude oil was trading 2.89% higher at $108.46 per barrel.
Nearly 40% of Russia's crude oil export capacity was halted on Wednesday, marking the country's largest modern-era oil supply disruption, according to Reuters.
The attacks have compelled Moscow to review some exports and safeguard consumers, who are already grappling with high inflation. A major oil refinery in Yaroslavl, northeast of Moscow, was hit in a strike on Saturday, prompting the Kremlin to consider reinstating a gasoline export ban due to domestic fuel shortages.
https://www.msn.com/en-us/money/news/russia-was-set-for-an-oil-windfall-from-us-iran-war-then-ukrainian-drone-strikes-knocked-out-nearly-40-of-its-export-capacity/ar-AA1ZJIh1
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