+
Oil Prices Rise Amid Escalating Russia-Ukraine Tensions
OIL & GAS

Oil Prices Rise Amid Escalating Russia-Ukraine Tensions

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.

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.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?