The price of Brent crude oil is approaching $90 a barrel as geopolitical tensions continue to force prices up.
A monthly rise of nearly 10% has crude at a six-month high after a Ukrainian drone strike on Russia’s third largest refinery, and a bombing in the Middle East.
Reuters is reporting drone attacks have shut down around 14% of Russia’s refining capacity.
Tuesday’s strike in the Taneco facility, in the province of Tatarstan 800-miles east of Ukraine, is believed to be the deepest strike inside Russian territory since the war broke out.
No major damage or injuries were reported and a small fire was extinguished within 20 minutes.
Meanwhile, a suspected Israeli bombing on an Iranian embassy in Syria on April 1 has heightened fears of increasing tensions in the Middle East.
Iran is the third-largest producer in OPEC.
The war has also given rise to the Houthi rebel attacks in the Red Sea, forcing disruption and delays in shipments through the sea and the Suez Canal.
Brent crude oil peaked at $89.94 on Wednesday, an 18.2% increase on January’s 2024-low of $76.12 a barrel, but below the $90-plus price that was last seen in the second half of 2023.