Oil prices surge as Ukraine hits Russian oil facilities
On Tuesday, oil prices rose after Ukrainian drone attacks knocked out 17% of Russia's oil processing—about 1.1 million barrels a day.
The strikes come as part of weeks of escalated attacks on energy sites, with President Zelenskiy saying Ukraine plans new strikes deep into Russia.
This has raised concerns about possible supply shortages.
Prices jump amid ongoing war and geopolitical tensions
With Brent crude nearing $68.30 and US WTI at $65, the market is clearly on edge.
The ongoing war and stalled peace talks are making things tense for global energy supplies.
Plus, big players like China and India are still buying Russian oil—India despite new US tariffs—adding to the drama.
OPEC+ meeting on September 7 to address production adjustments
All eyes are now on the OPEC+ meeting set for September 7, where leaders might tweak production plans in response to these new risks—and a possible global surplus predicted by US analysts.
If you care about gas prices or how world politics mess with your wallet, this is one to watch.