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Oil Falls On Signs Russia’s Novorossiysk Port Resumes Operations

The attack on the Russian port, along with Iran’s seizure of a tanker near the Strait of Hormuz, injected fresh geopolitical premium into prices and lifted oil to a modest weekly gain.

Bloomberg News

Brent slipped below $64 a barrel. (Photo source: Unsplash)

Oil dropped following signs that activity had resumed at the key Russian port of Novorossiysk on the Black Sea, after a Ukrainian strike last week led to some damage and a suspension of operations.

Also Read: Decoding UK Sanctions On Russian Oil Companies, Nayara: What Indian Firms Should Know

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