Black Sea Drone Attacks Disrupt Major Oil Ports, Halting Crude Loadings

Russian and Ukrainian oil ports have been disrupted due to drone attacks in the Black Sea. The operational shutdown at Novorossiysk terminal occurred immediately after strikes hit the nearby Caspian Pipeline Consortium facility.

The Sheskharis terminal, which exported roughly 650,000 barrels per day during the first half of the year, was also affected. Kazakhstan's crude exports were severely impacted as output at Chevron's Tengiz field dropped by more than half due to storage capacity limits.

Ukrainian President Volodymyr Zelenskiy warned that Russian strikes targeted 28 civilian vessels between June 20 and July 20, resulting in 21 fatalities. The Ukrainian Agriculture Minister Taras Vysotskyi urged market participants to remain patient while utilizing alternative Danube river ports and railway routes.

Ukraine's General Staff reported that 124 Russia-linked vessels faced attacks in the Black and Azov Seas between July 8 and July 20. Ukraine requested an urgent United Nations Security Council meeting to discuss the escalating maritime crisis.