Crude Oil Holds Near $64.50 Amid Russia-Ukraine Tensions and Supply Risks

Oil markets are under pressure, with U.S. West Texas Intermediate (WTI) crude futures trading close to $64.50 per barrel as concerns over supply disruptions in Russia combine with a soft demand outlook.
Trading Economics

What’s Driving It:

Ukraine Attacks on Russian Infrastructure: Ukrainian drone strikes have targeted critical export terminals and refineries in Russia — including Primorsk and Kirishi — raising fears that supply could tighten.

Supply Risk Overhang: Russia’s pipeline company Transneft has warned of possible cutbacks if damage continues to hamper export capacity and storage options.

Market Sentiment Cautious: While geopolitical risk is supporting prices, demand indicators—especially from major consuming markets—remain subdued, restraining any large upward price movement.

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