Oil prices rose by more than 1% on Wednesday as Russian President Vladimir Putin warned of a drop in supply caused by developments in the war in Ukraine. He said it will be “impossible to quickly restore” the Caspian Pipeline Consortium oil pumping station in Krasnodar, which was hit by Ukrainian drones on Monday.
He claimed the equipment damaged in the strike came from the West and will be difficult to replace due to sanctions.
West Texas Intermediate (WTI) for deliveries in March at 11:12 am ET traded at $72.30 per barrel. Brent for settlements in April was at $76.30 per barrel.