- Oil climbs as Russian supply risks intensify
- The WTI prompt-month contract gained $0.72 to $64.02/Bbl Tuesday morning (7:45 AM CT)
- Ukrainian drone attacks have escalated, striking Russia’s largest Baltic oil terminal at Primorsk
- Reuters reported that Russia’s pipeline operator is restricting producers’ access to storage capacity
- Kyiv’s General Staff confirmed Ukrainian special forces also targeted the Saratov refinery overnight, which processed 4.8 million tons in 2023
- EU weighs US push for tougher sanctions (Bloomberg)
- Washington is pressing allies to impose tariffs of up to 100% on China and India and expand restrictions on Russian oil companies and their trading networks
- The EU faces pushback from member states like Hungary and Slovakia over the costs of shifting away from Russian crude
- Japan’s finance minister rejected US calls to raise tariffs on China and India for continuing Russian oil imports
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