Oil Prices Surge Past $80 as Ukraine and Russia Conduct Drone Attacks on Black Sea Ports...

"Russian Oil 15~20% Exported via Black Sea Route"
WTI Rebounds to $83... Concerns Over Deepening Energy Crisis

International oil prices have once again surpassed the $80 mark following reports that Ukraine's unmanned drone boats attacked Russia's Black Sea export ports. The threat to the Black Sea route, through which 15-20% of Russia's total oil exports pass, is seen as the reason for the rebound in global oil prices. Concerns are growing that the international energy crisis will worsen.

On the 4th (local time), a Ukrainian unmanned surface vehicle (drone boat) approached to attack the Russian fleet landing ship Olenegorsky Gornyak at the Novorossiysk port on the Russian Black Sea coast.
[Image source=Reuters·Yonhap News]

On the 6th (local time), West Texas Intermediate (WTI) crude oil futures traded on the New York Mercantile Exchange (NYMEX) closed at $83.05 per barrel, up 0.28% from the previous session. After falling to $79.49 on the 2nd, international oil prices have risen back above the $80 level. This is attributed to increased concerns over oil supply and demand amid escalating geopolitical tensions in the Black Sea region.

Earlier, on the 4th, Bloomberg reported that Ukrainian drone boats attacked the Russian naval base at Novorossiysk, a major Russian export port on the Black Sea, causing significant damage to Russian warships. The surprise attack by Ukrainian drone boats reached Novorossiysk, located more than 600 km behind the front lines in the Crimean Peninsula conflict, raising widespread concerns about the safety of all oil tankers and import-export vessels along the Black Sea route.

According to Bloomberg, the port of Novorossiysk was temporarily closed following the Ukrainian drone boat attack. As this port is a central hub for Russia's Black Sea oil and grain exports, the Russian government is reportedly considering countermeasures in response to the attack.

Novorossiysk is one of Europe's largest ports and serves as a hub for Russia's oil and grain exports. It is known that 15-20% of Russia's maritime trade passes through this port. Particularly, as a major crude oil export port in the Black Sea, the Russian and Kazakh crude oil exported from here averages about 1.8 million barrels per day, accounting for approximately 2.5% of the world's oil supply.

Among these, Kazakh crude oil produced by companies such as Chevron and ExxonMobil is exported at about 1.5 million barrels per day through Novorossiysk, with most of it imported by refineries in the Asian region.

Experts predict that if clashes between Ukraine and Russia continue in the Black Sea route area, the safety of trade vessels will be difficult to guarantee, leading to increased price volatility for major exports such as oil and grain. Carlos Mera, an analyst at Rabobank in the Netherlands, told Bloomberg in an interview, "While this attack on Novorossiysk appears limited, the risk of further attacks on Russian and Ukrainian ports and export infrastructure will cause significant volatility."