
Ukrainian drones push Russian oil refining to a 24-year low
Russia refined just 3.6 million barrels a day in July, its lowest since 2002, after a record wave of Ukrainian drone strikes knocked out 18 refineries in a month.
Day-by-day tracking of the war and its impact on oil prices

Russia refined just 3.6 million barrels a day in July, its lowest since 2002, after a record wave of Ukrainian drone strikes knocked out 18 refineries in a month.

WTI climbed to $83.53 and Brent to $89.28, up more than 10% from last week's lows, as talks to reopen the Strait of Hormuz stall and both sides demand compensation.

US oil output hit a record 13.93 million barrels a day in April, but falling rig counts and aging fields mean the Permian is now carrying nearly all the growth.

WTI crude tumbled 6.6% to $75.39 and Brent fell to $78.93 on Tuesday as Washington signaled a deal to reopen the Strait of Hormuz could land within days.

Brent crude fell 8.7% to $81.31 and WTI dropped to $78.48 as a three-day lull in US-Iran strikes and revived Hormuz talks drained the war premium fast.

Brent crude punched above $100 for the first time since May after Houthi forces struck Saudi tankers in the Red Sea, then eased back near $97 on Friday.

Crude is not the problem anymore. Attacks on refineries from the Gulf to Russia have knocked out nearly a tenth of the world's fuel-making capacity.

Brent steadied near $88 and WTI eased to $81 after a week-long surge, as a ninth straight night of US strikes on Iran keeps the Strait of Hormuz in focus.

Qatar has halted the ramp-up at Ras Laffan, the world's biggest LNG plant, after a tanker was struck in the Strait of Hormuz, tightening global gas supply.