Smoke rises above the city following an air attack on the St. Petersburg oil terminal on October 18, 2026, amid the ongoing Russian-Ukrainian conflict.
Stringer | Afp | Getty Images
Crude oil prices fell on Monday as traders eyed a possible increase in Russian supplies to the market after US sanctions were eased on Friday.
Brent Crude futures, the international benchmark, fell 1.80% to $107.88 a barrel. WE West Texas Intermediate lost 1.14% to 100.25 dollars per barrel.
However, Ukrainian bombing of oil installations in Russia and increasing attacks on tankers in the Persian Gulf have clouded supply prospects.
Fires broke out at an oil terminal and depot in St. Petersburg after Ukraine launched a massive wave of drone strikes on Sunday, St. Petersburg Governor Alexander Beglov said in a Telegram message.
The St. Petersburg terminal exports about 120,000 barrels per day of refined products, mainly fuel oil, according to Kpler data. It is not known exactly the extent of the damage to the establishment.
Ukraine briefly suspended strikes against Russian energy facilities after U.S. President Donald Trump said Oct. 11 that kyiv and Moscow had agreed to a truce.
Thick smoke billows after Ukrainian drones hit infrastructure, according to local authorities, in St. Petersburg, Russia, June 3, 2026.
Stringer | Reuters
In the Middle East, two oil tankers were attacked off the coast of Saudi Arabia in the Persian Gulf on Friday, according to incident reports from the UK’s Maritime Trade Operations Centre.
A small boat fired a rocket-propelled grenade at an unidentified oil tanker 78 nautical miles northeast of Al Jubayl, according to the UKMTO. Another tanker, the ST3, was hit by an unknown projectile, the UKMTO reported.
Iran has stepped up attacks on oil tankers in the Persian Gulf, the Strait of Hormuz and the Gulf of Oman in a bid to stifle crude oil exports from the region.
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