Brent crude futures dropped 58 cents, or 0.9%, to USD 63.81 a barrel, while US West Texas Intermediate (WTI) crude futures were trading at USD 59.50 a barrel, down 59 cents, or 1.0% from 14th November’s close. Both benchmarks rose more than 2% to end the November mid-week with a modest gain, after exports were suspended at Novorossiysk and a neighbouring Caspian Pipeline Consortium terminal, affecting the equivalent of 2% of global supply.

Novorossiysk port resumed oil loadings on November 16, stated media reports and LSEG (London Stock Exchange Group) data. However, Ukraine’s stepped-up attacks on Russia’s oil infrastructure remain in focus for further possible disruptions. While a Reuters report claims that the incident crippled two oil berths at Novorossiysk, two tankers — the Suezmax class Arlan and Aframax class Rodos — are now doing the loading duty.

“Investors are trying to gauge how Ukraine’s attacks will affect Russia’s crude exports in the long term, while also locking in profits after last Friday’s rally. Overall, the perception of oversupply from OPEC+ production increases remains,” said Toshitaka Tazawa, an analyst at Fujitomi Securities, while adding that WTI is likely to stay near USD 60, fluctuating within a USD 5 range.

Investors are also monitoring the impact of Western sanctions on Russian supply and trade flows. The United States imposed sanctions banning deals with Russian oil companies Lukoil and Rosneft after November 21 to push Moscow toward peace talks and stop the Ukraine campaign, which started in 2022.

The attack on Novorossiysk, Russia’s largest Black Sea export hub, was the most damaging Ukrainian attack to date on Russia’s main Black Sea crude export infrastructure. The facility accounts for about a fifth of Moscow’s crude exports, and a long shutdown would have forced costly shuttering of oil wells in West Siberia, a step that would have significantly reduced the amount of oil sent to international markets by the world’s second-largest exporter.

Ukraine has been conducting frequent drone and missile attacks on Russian refineries, oil depots and pipelines. Despite that, as per Reuters, Russia’s oil processing has fallen just 3% in 2025. Russian crude oil shipments via Novorossiysk’s Sheskharis terminal totalled 3.22 million tonnes, or 761,000 barrels a day, in October, according to industry sources. A total of 1.794 million tonnes of oil products were reportedly exported through Novorossiysk in October.

In the United States, the ruling Republicans are working on legislation that will impose sanctions on any country doing business with Russia, with President Donald Trump even indicating that Iran may get added to that list. In early November, OPEC+ agreed to increase December output targets by 137,000 barrels per day, the same as for October and November. The energy exporters cartel also agreed to a pause in increases in the first quarter of 2026.

The post Oil prices dip as Novorossiysk Port resumes loadings appeared first on International Finance.

The Bloomberg report said that insurance companies are wary of missiles or mines damaging ships as at least five ships were severely damaged within a week of the war breaking out in Ukraine. Other than the risk of physical damage, ships are also at the risk of being seized by Russian or Ukrainian authorities which would trigger clauses by which insurers have to pay the ship owners the full value of the hull.

And for this, they are quoting prices higher than most customers can afford. A Bloomberg data compilation shows that transporting a million barrels of cargo to Italy from Russia will not cost $3.5 million compared to $700,000, the price quoted in 2021 during the same time of the year.

As a result of this, many of the world’s leading cargo operators have stopped plying these routes leading to shorter supply and high prices.

The post Hike in insurance costs for ships entering Black Sea appeared first on International Finance.