- Oil surged as Russia’s war on Ukraine has dragged on for a month
- Brent topped $113/Bbl as the European Union will consider a Russian oil embargo this week (Reuters)
- “Russian supply uncertainty will likely be a familiar theme for the foreseeable future and will keep price volatility at the higher end of the spectrum,” said Stephen Brennock, an analyst at PVM Oil Associates
- Yemen’s Houthi rebels attacked at least six sites across Saudi Arabia late Saturday and early Sunday evening (Bloomberg)
- Saudi Arabia’s energy minister said a strike on a refinery in Yanbu caused “a temporary reduction” in production
- The Iranian-backed Houthis have attacked Saudia Arabia on a regular basis over the past two years
- India is willing to take more Russian crude at bargain prices (BBG)
- Hindustan Petroleum Corp. bought 2 MMBbl of the Russian Urals for delivery in June, and other processors are also seeking cargoes, according to Bloomberg
- AEGIS notes that consuming nations like India and China are expected to take advantage of cheaper Russian crude, but how much they will be willing or able to take is up for debate