Oil Drops Below $74 per Barrel & Strikes in Russia
Expect a possible drop in fuel prices after the international price of oil fell to its lowest levels in nearly a year. At the same time, Ukraine has struck key Russian refineries, and on the front lines, it has regained control over a strategic peninsula.
Fuel costs may decrease as the price of crude oil fell below $74 per barrel on Wednesday. This is happening for the first time since the start of the conflict in the Middle East in October last year. Such changes in international markets usually lead to a drop in retail prices at gas stations in Bulgaria in the coming weeks.
The energy market is also being influenced by new Ukrainian strikes against the Russian oil industry. Three large Rosneft refineries have been hit, including Bashneft-Novoil and Bashneft-Ufaneftekhim. These facilities process over 16 million tons of oil annually, and the attacks aim to limit resources for the Russian army. In other drone attacks in Western Russia and annexed Crimea, at least four people have died.
On the battlefield, Ukrainian forces have raised their flag on the Kinburn Spit—a strategic sandy peninsula in the Mykolaiv region from which Russian units have withdrawn. Meanwhile, there are reports of increased pressure from the Kremlin on Belarus to open a second front against Ukraine and provide assistance in the event of potential attacks against NATO.
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