Oil slips as Russian exports resume after brief halt

November 18, 2025 (MLN): Oil prices edged lower on Tuesday, falling nearly 1%, after supply worries eased with the swift resumption of crude loadings at Russia’s Novorossiysk export hub.

The facility had been temporarily shut following a Ukrainian drone and missile strike, but operations recovered sooner than expected, prompting traders to reassess global supply risks.

Brent crude futures went down by $0.03, or 0.05%, to $64.17 per barrel.

West Texas Intermediate (WTI) crude futures decreased by $0.02, or 0.03%, to $59.93 per barrel by [1:05 pm] PST.

According to industry sources and LSEG data, oil loadings at Novorossiysk resumed on Sunday after a two-day halt triggered by the attack.

The disruption had initially halted exports from both Novorossiysk and a nearby Caspian Pipeline Consortium terminal together responsible for about 2.2 million barrels per day, or nearly 2% of global oil supply.

The sudden outage sent prices up more than 2% on Friday, but markets have since stabilized, as per Reuters.

With immediate supply risks easing, traders are shifting their focus back to the broader impact of Western sanctions on Russian oil flows.

The U.S. Treasury recently stated that sanctions imposed in October on energy giants Rosneft and Lukoil are already pressuring Moscow’s oil revenues and are likely to gradually reduce export volumes.

Commonwealth Bank of Australia strategist Vivek Dhar highlighted that markets remain concerned about increasing volumes of unsold Russian oil sitting on tankers as buyers weigh the risk of violating sanctions.

However, he added that Russia has historically found alternative routes and methods to bypass restrictions. “We expect any disruption from U.S. sanctions will prove temporary as Russia finds ways to circumvent sanctions once again,” Dhar said.

In Washington, geopolitical tension continues to shape the energy outlook. A senior White House official said U.S. President Donald Trump is prepared to sign new Russia sanctions legislation, provided he retains final authority over how it is enforced.

Trump also indicated that Republicans are drafting a bill targeting any country conducting business with Russia potentially extending to Iran.

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