Global refining margins soar as sanctions threaten Russian supplies

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Published14 NOV 25 - 12:18 Reading time minutes

“Ukrainian drone attacks on the port of Novorossiysk have sparked new fears of oil supply flow disruptions as this port is the second largest oil export hub in Russia and comes on the heels of another major attack at Tuapse barely two weeks ago,” said June Goh, senior oil market analyst for Sparta Commodities.

Reuters, Nov 14, 2025 – Brent and WTI jumped ~2% after a Ukrainian drone strike forced Russia to suspend crude exports from Novorossiysk — a key Black Sea port handling 760kbd of crude and over 1.7mt of oil products in October.

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Author

June Goh

Senior Oil Market Analyst

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