Crude oil contracts were up by more than $1 at midday Monday after Ukraine on Sunday launched a drone attack on a Russian fuel export terminal near Leningrad.
The NYMEX October West Texas Intermediate contract was up $1.25 to $64.90/bbl at about noon ET and the November WTI contract was trading $1.20 higher at $64.45/bbl.
The ICE October Brent contract was also up by $1.20 to $68.95/bbl and November Brent was $1.15 higher at $68.35/bbl.
Both oil benchmarks are on track to settle higher for a fourth straight session.
In refined product futures, the more-active NYMEX October ULSD contract was up by 4.65cts to $2.3505/gal and the September ULSD contract was 4.7cts higher at $2.3555/gal. The October RBOB contract was up by 1.1cts to $2.005/gal and the lightly traded September RBOB contract was 0.5ct higher to $2.1635/gal.
Russian officials on Sunday said Ukraine had launched a drone attack that set ablaze a major fuel export terminal in Ust-Luga near Russia’s border with Estonia. Moscow also said Ukrainian drones attacks caused a fire at a nuclear plant in its Kursk region.
President Trump on Friday again warned again he would impose sanctions on Russia if there is no progress toward a peace agreement with Ukraine, a move that could further reduce Russian energy exports.
Follow-through buying based on economic optimism also lifted petroleum prices.
Federal Reserve Chair Jerome Powell on Friday said a slowdown in the U.S. job market could ease concerns that interest rate cuts will fuel inflation.
Powell’s comments were viewed as opening the door for a possible rate cut later this year.
U.S. cash refined product prices were largely following moves in futures at midday.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
–Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
08-25-25 1257ET