Oil surges after drone strike hits Russian Novorossiysk terminal, heightening supply risks
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Oil prices surged over 2% after a Ukrainian drone strike damaged an oil depot in Russia's Novorossiysk port, a key export hub. Brent rose 2.1%, WTI gained 2.4%. The attack highlights risks to Russian exports from both Ukrainian actions and Western sanctions. JPMorgan noted 1.4 million barrels of Russian crude are delayed on tankers due to sanctions, complicating future discharges.
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