On May 5, the 400,000 barrels-per-day Kirishi refinery owned by Surgutneftegas was hit by drone attacks, causing fires. NASA satellite imagery detected heating anomalies indicating fires at the refinery and nearby areas. On May 22, Ukraine targeted the Yaroslavl oil refinery and President Zelensky announced the use of long-range drones against Russian oil refining assets. On May 24, Russia launched a massive attack on Kiev using hypersonic ballistic missiles, resulting in at least one death and 20 injuries.
US oil inventories hit a record weekly drawdown of 17.8 million barrels as analysts warn of a 9 million barrel daily supply gap.
Read the full storyCrude prices fell as geopolitical risks eased, removing the immediate risk premium and potentially benefiting retail and airline sectors through lower input costs.
The Brazilian oil giant recorded its highest refining levels in over a decade during April and May to boost energy independence.
U.S. crude futures dropped over 2% following President Trump's decision to pause a planned military strike on Iran in favor of diplomatic negotiations.
The US government extended a sanctions waiver on Russian oil to mitigate rising domestic fuel prices and address voter concerns over energy inflation.
US emergency oil stocks plunged by 9.9 million barrels to reach 374 million, the lowest level since July 2024, according to Department of Energy data.
BP and union leaders failed to reach a labor agreement for the Whiting refinery, extending a two-month lockout at the major Midwest energy facility.
A Russian drone struck a Chinese-owned cargo vessel off Ukraine's coast, creating diplomatic friction just hours before the leaders meet in Beijing.
Oil prices rose over 1% as geopolitical risks intensified following a drone strike on a UAE nuclear facility and the breakdown of diplomatic efforts to resolve the Iran conflict.
Abu Dhabi authorities confirm Barakah Nuclear Plant safety after a kamikaze drone struck an external generator, as President Trump warns the U.S.-Iran truce is at risk.
The Trump administration lets sanctions waivers for buyers like India expire following a temporary extension to mitigate supply shocks.
The Kenyan government has raised domestic fuel prices to counter global energy supply chain disruptions caused by the ongoing conflict in Iran.