WTI is trading above $72/bbl while ICE Brent edged above $76/bbl this morning, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.

Geopolitical tensions push oil prices up

“NYMEX WTI is trading above $72/bbl while ICE Brent edged above $76/bbl this morning as the energy sector in Ukraine and Russia continue to face drone assaults, while signs of tighter supplies in Russia and rising geopolitical tensions further pushed the energy complex higher.”

“According to media reports, drones attacked a Russian oil refinery plant in the Saratov region. The affected plant is part of the Rosneft oil company known as Kreking, one of the oldest Russian oil refineries. Meanwhile, Russia also targeted Ukraine’s gas and power facilities in an overnight attack.”