Finance
Oil settles higher as investors assess attacks on Russian energy facilities
Published by Global Banking and Finance Review
Posted on September 15, 2025
3 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 15, 2025
3 min readLast updated: January 21, 2026
Oil prices increased as Ukrainian attacks on Russian facilities and Trump's NATO oil purchase halt influenced investor decisions.
By Georgina McCartney
HOUSTON (Reuters) - Oil prices settled higher Monday as investors assessed the impact of Ukrainian drone attacks on Russian refineries and of U.S. President Donald Trump pressing NATO nations to halt Russian oil purchases.
Brent crude futures settled up 45 cents, or 0.67%, at $67.44 a barrel while U.S. West Texas Intermediate crude settled 61 cents higher, up 0.97%, at $63.30 a barrel.
Attacks on Russian oil infrastructure and mounting pressure from Trump on buyers of Russian crude were boosting oil prices on Monday, said Phil Flynn, senior analyst with Price Futures Group.
"Behind the scenes there are a lot of concerns around heavy oil and tight diesel supplies, keeping the market supported," Flynn added.
One of Russia's largest oil refineries, in the northwestern town of Kirishi, has halted a key processing unit following a Ukrainian drone attack over the weekend, two industry sources said on Monday.
Both crude contracts gained more than 1% last week as Ukraine stepped up attacks on Russian oil infrastructure, including the largest oil exporting terminal, Primorsk.
Primorsk has a capacity to load about 1 million barrels per day of crude, while the Kirishi refinery processes about 355,000 bpd of Russian crude, equal to 6.4% of the country's total.
Trump said on Saturday that the U.S. was prepared to impose fresh energy sanctions on Russia, but only if all NATO nations ceased purchasing Russian oil and implemented similar measures.
Oil also received some support from solid refinery demand in China last month and a decline in U.S. crude inventories, while weaker economic data from China weighed on prices, UBS analyst Giovanni Staunovo said.
Investors are awaiting the interest rate decision by the U.S. Federal Reserve at its September 16-17 meeting, at which the bank is expected to ease monetary policy. Lower borrowing costs could boost fuel demand.
"The market is starting to price in maybe a more aggressive Fed cut, putting some downward pressure on the U.S. dollar and giving oil a boost," said Price Futures Group's Flynn.
The U.S. dollar dropped against its peers on Monday, which could encourage crude demand as a weaker dollar makes oil less expensive for holders of other currencies.
Last week, softer job-creation data and rising inflation in the U.S. raised concerns about economic growth in the world's largest economy and oil consumer.
(Reporting by Georgina McCartney, Enes Tunagur, Florence Tan; Editing by Emelia Sithole-Matarise, Chizu Nomiyama, Nia Williams and Edmund Klamann)
Oil prices increased due to Ukrainian drone attacks on Russian refineries and pressure from U.S. President Donald Trump on NATO nations regarding Russian oil purchases.
Brent crude futures settled at $67.44 a barrel, while U.S. West Texas Intermediate crude settled at $63.30 a barrel.
Geopolitical tensions, particularly the attacks on Russian oil infrastructure, have raised concerns about supply, supporting higher oil prices.
Economic factors such as the U.S. Federal Reserve's interest rate decisions and a weaker dollar are influencing oil demand by making it less expensive for foreign buyers.
The Kirishi refinery processes about 355,000 barrels per day of Russian crude, which is significant as it accounts for 6.4% of Russia's total oil production.
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