Oil Prices Hit $115, Drone Attacks and Supply Fears Spark Global Fuel Crisis

Oil Prices Hit $115, Drone Attacks and Supply Fears Spark Global Fuel Crisis A Ukrainian drone attack sparked a large-scale fire at Russia’s Tuapse oil refinery on the Black Sea, forcing the evacuation of nearby buildings, local officials said Tuesday. The refinery, owned by Rosneft, primarily produces fuel for export and had already halted operations after a previous drone strike [135091]. In a separate strike, Ukraine hit a major refinery in Yaroslavl that processes about 15 million tons of crude annually, a facility that supplies fuel critical for Russia’s military logistics [133733]. The attacks on Russian energy infrastructure have tightened global oil markets. A drone strike on a Kuwaiti oil tanker off the coast of the United Arab Emirates sent global oil prices surging above $115 per barrel, triggering a sell-off in Asian stock markets [116225]. Even the release of 400 million barrels of oil from strategic reserves has failed to stop prices from climbing [134719]. Drivers worldwide are feeling the pain. The average price of gasoline in the United States recorded its largest weekly increase since Russia’s full-scale invasion of Ukraine in 2022 [97612]. In China, drivers rushed to fill their tanks before the government imposed the largest single fuel price increase of 2024 [109102]. South African drivers faced record hikes linked to the conflict in Iran, with the government reducing the general fuel levy by 3 rand per litre—but the relief was overwhelmed by rising global prices [117581]. Kenya’s energy regulator sharply increased fuel prices, citing a major rise in the cost of imported oil [130314]. In Iran’s capital, Tehran, long lines formed at gas stations after strikes on the country’s oil facilities, forcing officials to cut monthly gasoline quotas from 30 liters to 20 liters per ration card [96510]. A key bottleneck remains the Strait of Hormuz, a critical shipping route through which approximately 20% of the world’s oil supply passes [95663]. The strait remains closed, disrupting global fuel movement and keeping pump prices high even as crude oil prices pause [116592]. Analysts warn that further disruptions could lead to continued price instability, as the global energy crisis tests the limits of what governments can do [134719] [97612]. Ukrainian Drone Strike Ignites Russian Oil Refinery, Forces Evacuation Oil Reserves Drained, But Prices Keep Rising Ukraine strikes major Russian refinery, targets military fuel supply Oil Prices Rocket, Hitting Drivers With Sharpest Spike Since Ukraine War Drone Attack on Tanker Sends Oil Soaring Past $115 Drivers Race to Pumps Ahead of China's Biggest Fuel Price Jump of 2024 South Africa Cuts Fuel Tax, But Drivers Still Hit by Record Price Hike Fuel Prices Skyrocket in Kenya Tehran Gas Lines Grow After Attack on Fuel Supply South Africa Braces for R8/Litre Petrol Shock Oil Prices Steady, So Why Is Petrol So Expensive?