Oil Refinery Burns, Gas Lines Grow—Global Fuel Chaos Hits $115 a Barrel

Oil Refinery Burns, Gas Lines Grow—Global Fuel Chaos Hits $115 a Barrel Ukrainian drone strikes ignited a massive fire at Russia’s Tuapse oil refinery on the Black Sea, forcing evacuations and halting operations at a key export plant owned by Rosneft [135091]. The attack comes as a separate drone strike set a Kuwaiti oil tanker ablaze off the UAE coast, sending global crude prices surging past $115 a barrel and triggering a sell-off in Asian stock markets [116225]. The coordinated disruptions have tightened global oil supplies, driving record fuel price hikes from Beijing to South Africa. China raised its official refined oil prices by the largest single jump of 2024, as drivers rushed to pumps before midnight [109102]. South African motorists face a potential record increase of up to 8 rand per liter, with the government’s 3-rand fuel tax cut failing to stop one of the steepest pump price spikes in history [117581] [95663]. Kenya’s energy regulator sharply increased fuel prices, warning the global price surge will raise transportation and electricity costs [130314]. In Tehran, long lines formed at gas stations after reported strikes on Iran’s oil facilities cut supplies. Authorities slashed monthly gasoline quotas from 30 liters to 20 liters per ration card, sparking fears of broader shortages [96510]. In South Africa’s Nelson Mandela Bay, petroleum companies imposed fuel limits and emergency surcharges, adding up to 10 rand per liter for paraffin [108127]. The oil market remains volatile. Even the release of 400 million barrels from strategic reserves has failed to stop prices climbing [134719]. Analysts warn that pump prices will stay high as long as the Strait of Hormuz—a chokepoint for 20% of global oil—remains disrupted [116592]. Diesel rose by R7.51 per liter in South Africa, triggering immediate price hikes for water delivery, security services, and taxi fares [118106]. Ukrainian Drone Strike Ignites Russian Oil Refinery, Forces Evacuation 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 South Africa Braces for R8/Litre Petrol Shock Fuel Prices Skyrocket in Kenya Tehran Gas Lines Grow After Attack on Fuel Supply Oil Reserves Drained, But Prices Keep Rising Oil Prices Steady, So Why Is Petrol So Expensive? Fuel Limits and War Surcharges Hit South African Metro Fuel Shockwave: Water, Security Prices Surge After Diesel Spike