Latest news with #DroneAttacks
Bloomberg
6 days ago
- Bloomberg
Russia Says Drone Attack Caused Fire at Afipsky Oil Refinery
Drone attacks in the early hours of Thursday triggered a fire at the independent Afipsky refinery in southern Russia, according to regional emergency services. 'A gas and gas-condensate processing unit caught on fire,' the services said in a statement on Telegram. No further details on the extent of the damage were provided. The blaze was fully extinguished by 8:21 a.m. local time, according to the statement. The facility has since resumed normal operations, its press service said.
Yahoo
18-07-2025
- Business
- Yahoo
Oil prices little changed as Iraq outages clash with tariff worries
SINGAPORE (Reuters) -Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid uncertainty in U.S. tariff policy. Brent crude futures eased 4 cents, or 0.06%, to $69.48 a barrel as of 0239 GMT, U.S. West Texas Intermediate crude futures edged down 3 cents, or 0.04%, to $67.51 a barrel. Four days of drone attacks on oil fields in Iraqi Kurdistan that shut down half of the region's output have supported prices, pushing both contracts up $1 on Thursday. Additionally, seasonal travel demand has propped up the market. In the first two weeks of July, global oil demand has averaged 105.2 million barrels per day (bpd), up by 600,000 bpd from a year earlier and largely in line with forecast, JPMorgan analysts said in a research note. Still, the uncertainty around the final U.S. tariff policy, which does not appear will be settled until after August 1, is weighing on the market along with plans by major oil producers to remove their output cuts that will add to supply as the seasonal Northern Hemisphere summer demand ends. For this week, both Brent and WTI are down over 1%. "Near-term oil fundamentals remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year," ING analysts said in a note. Oil output in the semi-autonomous Kurdistan region has been slashed by between 140,000 and 150,000 barrels per day, two energy officials said, more than half the region's normal output of about 280,000 bpd. Officials pointed to Iran-backed militias as the likely source of attacks this week on the oilfields in Iraqi Kurdistan, although no group has claimed responsibility. Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt.
Yahoo
18-07-2025
- Business
- Yahoo
Oil prices little changed as Iraq outages clash with tariff worries
SINGAPORE (Reuters) -Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid uncertainty in U.S. tariff policy. Brent crude futures eased 4 cents, or 0.06%, to $69.48 a barrel as of 0239 GMT, U.S. West Texas Intermediate crude futures edged down 3 cents, or 0.04%, to $67.51 a barrel. Four days of drone attacks on oil fields in Iraqi Kurdistan that shut down half of the region's output have supported prices, pushing both contracts up $1 on Thursday. Additionally, seasonal travel demand has propped up the market. In the first two weeks of July, global oil demand has averaged 105.2 million barrels per day (bpd), up by 600,000 bpd from a year earlier and largely in line with forecast, JPMorgan analysts said in a research note. Still, the uncertainty around the final U.S. tariff policy, which does not appear will be settled until after August 1, is weighing on the market along with plans by major oil producers to remove their output cuts that will add to supply as the seasonal Northern Hemisphere summer demand ends. For this week, both Brent and WTI are down over 1%. "Near-term oil fundamentals remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year," ING analysts said in a note. Oil output in the semi-autonomous Kurdistan region has been slashed by between 140,000 and 150,000 barrels per day, two energy officials said, more than half the region's normal output of about 280,000 bpd. Officials pointed to Iran-backed militias as the likely source of attacks this week on the oilfields in Iraqi Kurdistan, although no group has claimed responsibility. Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt. Sign in to access your portfolio
Reuters
17-07-2025
- Business
- Reuters
Oil jumps $1 after further drone attacks on Iraq oil fields
HOUSTON, July 17 (Reuters) - Oil prices rose $1 on Thursday after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region. Brent crude futures settled at $69.52 a barrel, up $1.00, or 1.46%. U.S. West Texas Intermediate crude futures finished at $67.54 a barrel, up $1.16, or 1.75%. Officials pointed to Iran-backed militias as the likely source of attacks this week on the oilfields in Iraqi Kurdistan, although no group has claimed responsibility. Oil output in the semi-autonomous Kurdistan region has been slashed by between 140,000 and 150,000 barrels per day, two energy officials said, more than half the region's normal output of about 280,000 bpd. "Some of the gains are reaction to drone attacks in Iraq," said Andrew Lipow, president of Lipow Oil Associates. "It shows how vulnerable oil supplies are to attacks using low technology." Markets have also been jittery while waiting for the imposition of tariffs by U.S. President Donald Trump, which could shift oil supplies from the United States to India and China, Lipow said. Trump has said letters notifying smaller countries of their U.S. tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union. "Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of U.S. tariffs and the resultant impact on global growth," said Ashley Kelty, an analyst at Panmure Liberum. U.S. crude inventories fell by 3.9 million barrels last week, government data on Wednesday showed, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil. Markets were continuing to look for signals of tighter supply or higher demand, said Phil Flynn, senior analyst for Price Futures Group. Meanwhile, a tropical disturbance in the northern Gulf of Mexico was not expected to develop into a named storm as it makes its way west before moving onshore in Louisiana later on Thursday. Rainfall totals in Southeast Louisiana are forecast to be about four inches (10 cm), according to the U.S. National Hurricane Center.
Khaleej Times
17-07-2025
- Business
- Khaleej Times
Oil jumps after further drone attacks on Iraq oil fields
Oil prices rose on Thursday after drones struck Iraqi Kurdistan oil fields for a fourth day, pointing to continued risk in the volatile region. Brent crude futures gained 84 cents, or 1.23%, to $69.36 a barrel by 12:10 p.m. CDT (1710 GMT), while U.S. West Texas Intermediate crude futures jumped $1.04, or 1.57%, to $67.42 a barrel. Officials pointed to Iran-backed militias as the likely source of attacks this week on the oilfields in Iraqi Kurdistan, although no group has claimed responsibility. Oil output in the semi-autonomous Kurdistan region has been slashed by between 140,000 and 150,000 barrels per day (bpd), two energy officials said, more than half the region's normal output of about 280,000 bpd. "Some of the gains are reaction to drone attacks in Iraq," said Andrew Lipow, president of Lipow Oil Associates. "It shows how vulnerable oil supplies are to attacks using low technology." Markets have also been jittery while waiting for the imposition of tariffs by U.S. President Donald Trump, which could shift oil supplies from the United States to India and China, Lipow said. Trump has said letters notifying smaller countries of their U.S. tariff rates would go out soon, and has also alluded to prospects of a deal with Beijing on illicit drugs and a possible agreement with the European Union. "Near-term prices (are) set to remain volatile due to the uncertainty over the final scale of U.S. tariffs and the resultant impact on global growth," said Ashley Kelty, an analyst at Panmure Liberum. The oil market was also reacting to a tightened inventory scenario, said John Evans, analyst at PVM Oil Associates. U.S. crude inventories fell by 3.9 million barrels last week, government data on Wednesday showed, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. Last week, the International Energy Agency said that oil output increases were not leading to higher inventories, which showed markets were thirsty for more oil. "Oil thinking has been distracted from the Middle East, and the reminders of Israel's attacks into Syria and the drone attacks on oil infrastructure in Kurdistan are timely," Evans said. Markets were continuing to look for signals of tighter supply or higher demand, said Phil Flynn, senior analyst for Price Futures Group. Meanwhile, a tropical disturbance in the northern Gulf of Mexico was not expected to develop into a named storm as it makes its way west before moving onshore in Louisiana later on Thursday. Rainfall totals in Southeast Louisiana are forecast to be about four inches (10 cm), according to the U.S. National Hurricane Center.
