Geopolitical Tensions and Supply Disruptions Lift Oil Prices

Crude oil prices recorded a choppy trading week, underpinned by geopolitical risks and significant supply disruptions. The market closely followed developments in the Russia-Ukraine conflict, where a Ukrainian drone attack on Russia’s Kropotkinskaya pumping station disrupted oil flows via the Caspian Pipeline Consortium (CPC). This pipeline is a vital route for Kazakhstan’s crude exports, and the attack reduced oil flows by 30-40%, potentially withdrawing up to 380,000 barrels per day from global supply?. In addition to the disruptions…