Oil futures are approaching a five-month high following Ukrainian drone attacks on Russian energy infrastructure, propelling crude prices to their highest levels since October. The ICE Brent front-month crude futures contract closed up 1.8% at $86.89 per barrel, reaching $87 in after-hours trading, the highest price since October 30. Meanwhile, the NYMEX West Texas Intermediate settled at $82.72 per barrel, up 2.1%, the highest since November 2.
Recent attacks on Russian refineries, including the Slavyansk refinery in Krasnodar, have caused disruptions, with approximately 7% of Russia's refinery capacity currently offline. The strategic targeting of Russian oil by Ukraine has heightened risk premiums amidst existing geopolitical tensions.
