Global oil prices surged on Tuesday as markets reacted to escalating drone attacks on Russia’s Novorossiysk terminal, which handles about two per cent of global daily oil supply, according to a report by Oilprice.com.
Brent crude rose from $63 per barrel on Monday to trade around $65.14 on Tuesday evening, while US West Texas Intermediate climbed to $60.75, up from $59, representing a gain of about $2.1 per barrel.
The spike followed reported disruptions at the Caspian Pipeline Consortium infrastructure, a key export route for Kazakhstan’s crude oil operated by Western oil majors, including Chevron and Shell, raising concerns of a potential supply squeeze.
Reuters reported that two oil tankers waiting to load crude from some of Kazakhstan’s largest oilfields were hit by drones at the CPC marine terminal near Novorossiysk on Russia’s Black Sea coast.
The affected vessels, Delta Harmony and Matilda, were scheduled to load crude from the Tengizchevroil and Karachaganak oilfields, respectively, according to sources cited by Reuters.
Tengizchevroil, which operates the supergiant Tengiz oilfield in Kazakhstan, is managed by a consortium led by US oil major Chevron. The Karachaganak field is operated by a consortium that includes Shell, Chevron, and Italy’s Eni.
The CPC marine terminal, a major export hub near Novorossiysk, handles most of Kazakhstan’s crude exports as well as some Russian supplies. Reports said drone attacks at or around the terminal have intensified in recent weeks, disrupting loading operations and delaying the departure of Kazakhstan’s crude cargoes.
Kazakhstan’s oil output fell sharply in late November and early December after damage to the CPC export terminal constrained flows. Production dropped in early December following storms and structural damage that limited loading capacity at the Black Sea facility, forcing producers to cut throughput as storage filled up.
Kazakhstan relies on the CPC pipeline for about 80 per cent of its crude exports. The latest disruption came as the country was attempting to stabilise output after repeated CPC interruptions earlier in 2025.
Although oil continues to flow, it is at reduced rates, with Kazakhstan seeking to reroute some exports away from the Black Sea to maintain supply levels.
Oil prices had already climbed above $63 per barrel on Sunday after early gains on Friday, driven by escalating protests in Iran that unsettled markets amid fears of supply disruptions from one of the Middle East’s largest oil producers.
The uptick followed a rebound on Thursday after two days of losses, as investors assessed developments in Venezuela and concerns over supplies from Russia, Iraq, and Iran.
Brent crude had fallen below $60 per barrel on January 6 after former US President Donald Trump said Venezuela’s “interim authorities” would supply between 30 million and 50 million barrels of what he described as “high-quality” oil to the United States at market prices, estimated at nearly $2bn.
