Crude oil prices rise as Ukraine continues attacks against Russian energy infrastructure
September 29, 2025
Crude oil prices rose on Friday with the focus on Ukraine drone attacks on Russian refineries and energy infrastructure which appears to be causing some fuels shortages in Russia. Also offering support is the US’s efforts get NATO allies to decrease their purchases of Russian oil and natural gas.
Energy prices are lower this morning after a week that saw crude oil prices rise 4%, marking the strongest weekly upside performance since June. News that OPEC+ is considering an additional production increase in November has put pressure on the market here this morning. There appears to be some disagreement between members about what that adjustment should be at this meeting.
Despite last week’s strong rally, I must say it, but prices are still within their trading ranges and, after testing the upside, are selling off today. We will have to wait and see how the next two days unfold for a clear direction, but for now, the markets remain stuck and reacting to headlines.
Geopolitical events and the increased action between Russia and Ukraine keep these markets nervous and have put in a floor of support. Crude has found buying in the $61-$60 zone, and the market has that as a key level of support for now.
Iraq resumed crude exports from the Kurdistan region for the first time in two and a half years following a temporary agreement between the federal government and the Kurdistan Regional Government. The deal allows up to 190,000 bpd to flow to Turkey’s Ceyhan port, with potential to reach 230,000 bpd, aligning with US efforts to boost global supply amid rising OPEC+ output.