A fuel tanker operated by Trafigura was attacked by a missile in the Red Sea.This incident, coupled with the decrease in Russian refined products exports because of refinery repairs after drone attacks, caused the market to reassess the risk of disruptions.
Both Brent crude futures and US West Texas Intermediate crude saw an increase, with Brent rising to $84.38 a barrel and US WTI reaching $78.79 a barrel.
The attack on the Trafigura-operated tanker has raised concerns about the safety of oil tankers linked to the US and UK. Furthermore, Russia is expected to reduce its exports of naphtha by around a third due to refinery fires in the Baltic and Black Seas.
Despite these developments, OPEC and its allies, including Russia, are to meet online on February 1 to discuss oil production levels for the future.
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