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Oil value rises after Ukraine assaults main Russian refinery | Enterprise Information

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The value of oil has climbed following a Ukrainian drone strike on Russia’s third-largest refinery.

The assault on the Taneco facility, within the province of Tatarstan, seems to have been Kyiv’s deepest strike inside Russian territory because the invasion of Ukraine greater than two years in the past.

The strike on Tuesday began a hearth which took round 20 minutes to extinguish. No main injury to the location or accidents had been reported.

Comply with battle newest: ‘Great risk’ of Ukrainian frontlines collapsing

Nonetheless, it was sufficient to set off concern from buyers, serving to to push the price of Brent crude above $89 (£71) a barrel on Wednesday morning – its highest degree in six months.

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The refinery, which is sort of 800 miles east of Ukraine, has the capability to supply round 340,000 barrels of oil per day.

A Ukrainian intelligence supply claimed accountability for the assault.

The strike additionally got here only a day after the suspected Israeli bombing of Iran’s consulate in Syria, heightening issues of a potential escalation of the battle within the Center East and additional disruption to power provides.

Iran is the third-largest producer within the Organisation of the Petroleum Exporting International locations (OPEC).

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The Ukrainian strike was the newest in a string of attacks on oil refineries in Russia, which is the world’s second-largest oil exporter.

Round 14% of Russia’s refining capability has been shut down by drone assaults, in response to information company Reuters.

Kremlin spokesman Dmitry Peskov described Tuesday’s assault as “terrorist exercise”.

He informed reporters: “We and our army are primarily working to minimise this menace, and subsequently to eradicate it.”

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From March: Assault on oil refinery in Russia’s Ryazan area

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Any sustained rise in the price of oil dangers having a knock-on effect on petrol prices within the UK.

Nonetheless, it stays under highs of more than $90 (£72) a barrel that had been reached in autumn final yr.

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