Oil prices steady as drone srikes on Russian refineries stir market concerns

September 15, 2025 (MLN): Oil prices held steady on Monday as markets weighed the poten.tial impact of Ukrainian drone strikes on Russian refineries, which may threaten crude and fuel exports, while also monitoring signs of rising U.S. fuel demand.

Brent crude futures went up by $0.26, or 0.39%, to $67.25 per barrel.

West Texas Intermediate (WTI) crude futures decreased by $0.36, or 0.57%, to $63.05 per barrel by [12:58 pm] PST.

“The attack signals a growing intent to disrupt global oil markets, which could put upward pressure on prices,” JPMorgan analysts led by Natasha Kaneva noted, referring to the strike on Primorsk.

Primorsk, capable of loading about 1 million barrels per day (bpd) of crude, serves as a major export hub and the largest oil port in western Russia.

The Kirishi refinery, run by Surgutneftegaz, processes around 17.7m metric tons annually (355,000 bpd) of crude, accounting for 6.4% of Russia’s total refining capacity.

In Bashkortostan, a regional oil producer will maintain its output despite a drone strike on Saturday, regional governor Radiy Khabirov said.

Russia faces mounting pressure after U.S. President Donald Trump reiterated on Sunday his readiness to impose sanctions, while stressing that Europe must match U.S. measures.

“Europe is buying oil from Russia. I don’t want them to buy oil,” Trump told reporters. “And the sanctions they’re applying aren’t strong enough. I’m prepared to impose sanctions, but they need to toughen theirs to be in line with mine.”

Meanwhile, investors are closely following U.S.-China trade negotiations in Madrid, which began on Sunday as Washington urged its allies to place tariffs on Chinese imports in response to Beijing’s purchases of Russian oil.

Last week, weaker U.S. job growth and higher inflation fueled concerns over economic momentum in the world’s largest oil consumer, even as the Federal Reserve is expected to cut interest rates at its September 16–17 meeting.

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