Oil Prices Rise Amid Escalating Russia-Ukraine Tensions

22 Nov 2024 CW Team

Oil prices saw a significant uptick as rising geopolitical tensions between Russia and Ukraine overshadowed the impact of a larger-than-expected increase in U.S. crude inventories.

Brent crude futures rose by 96 cents, or 1.3%, to $73.77 per barrel as of 1017 GMT, while U.S. West Texas Intermediate (WTI) crude gained 99 cents, or 1.4%, to $69.74 per barrel. Prices had initially risen by more than $1 earlier in the day.

Russia-Ukraine Conflict Escalates The uptick in oil prices followed missile strikes between Russia and Ukraine. Ukraine launched British-made cruise missiles at Russian territory on Wednesday, the latest Western weapon Kyiv has been allowed to use, following a U.S. missile strike a day earlier. Russia retaliated on Thursday, launching an intercontinental ballistic missile at Ukraine—marking the first use of such a powerful, long-range missile in the ongoing war.

Ukraine has increasingly targeted Russian military infrastructure, and this escalation raises concerns over the security of oil supplies, particularly if Ukraine were to target Russian energy infrastructure.

OPEC+ Concerns and U.S. Inventory Data Despite the geopolitical concerns, oil market sentiment was tempered by a rise in U.S. crude inventories. The Energy Information Administration (EIA) reported an increase of 545,000 barrels in U.S. crude stocks for the week ending November 15, bringing inventories to 430.3 million barrels, which exceeded analysts' expectations. Gasoline inventories also saw a larger-than-expected rise, while distillate stockpiles posted a draw.

On the production side, there is growing speculation that OPEC+ may delay its planned output increases. The group, which includes OPEC members and allies like Russia, is meeting on December 1 and may push back planned output increases due to weak global oil demand. Initially, OPEC+ had intended to reverse production cuts gradually from late 2024 through 2025. However, the International Energy Agency (IEA) has forecast that even with these cuts, oil supply will still outpace demand by 2025, leading to uncertainty over future price trends.

As geopolitical risks continue to cloud the market and supply dynamics remain unpredictable, oil prices are likely to remain volatile in the near term.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Oil prices saw a significant uptick as rising geopolitical tensions between Russia and Ukraine overshadowed the impact of a larger-than-expected increase in U.S. crude inventories. Brent crude futures rose by 96 cents, or 1.3%, to $73.77 per barrel as of 1017 GMT, while U.S. West Texas Intermediate (WTI) crude gained 99 cents, or 1.4%, to $69.74 per barrel. Prices had initially risen by more than $1 earlier in the day. Russia-Ukraine Conflict Escalates The uptick in oil prices followed missile strikes between Russia and Ukraine. Ukraine launched British-made cruise missiles at Russian territory on Wednesday, the latest Western weapon Kyiv has been allowed to use, following a U.S. missile strike a day earlier. Russia retaliated on Thursday, launching an intercontinental ballistic missile at Ukraine—marking the first use of such a powerful, long-range missile in the ongoing war. Ukraine has increasingly targeted Russian military infrastructure, and this escalation raises concerns over the security of oil supplies, particularly if Ukraine were to target Russian energy infrastructure. OPEC+ Concerns and U.S. Inventory Data Despite the geopolitical concerns, oil market sentiment was tempered by a rise in U.S. crude inventories. The Energy Information Administration (EIA) reported an increase of 545,000 barrels in U.S. crude stocks for the week ending November 15, bringing inventories to 430.3 million barrels, which exceeded analysts' expectations. Gasoline inventories also saw a larger-than-expected rise, while distillate stockpiles posted a draw. On the production side, there is growing speculation that OPEC+ may delay its planned output increases. The group, which includes OPEC members and allies like Russia, is meeting on December 1 and may push back planned output increases due to weak global oil demand. Initially, OPEC+ had intended to reverse production cuts gradually from late 2024 through 2025. However, the International Energy Agency (IEA) has forecast that even with these cuts, oil supply will still outpace demand by 2025, leading to uncertainty over future price trends. As geopolitical risks continue to cloud the market and supply dynamics remain unpredictable, oil prices are likely to remain volatile in the near term.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..