WS #15919
Ukrainian drones have successfully targeted a refinery in Russia's Ryazan region, marking a decisive end to the brief truce and triggering a massive supply shock. This escalation has pushed Brent crude past $104 and WTI near $94, as markets price in the risk of a Strait of Hormuz closure and the depletion of global oil buffers. Chevron executives have warned that the current supply disruption is severe enough to delay diesel market relief until 2027, fundamentally altering the energy outlook for the coming year.
Geopolitical Energy Shock
Ukrainian drones have successfully targeted a refinery in Russia's Ryazan region, marking a decisive end to the brief truce and triggering a massive supply shock. This escalation has pushed Brent crude past $104 and WTI near $94, as markets price in the risk of a Strait of Hormuz closure and the depletion of global oil buffers. Chevron executives have warned that the current supply disruption is severe enough to delay diesel market relief until 2027, fundamentally altering the energy outlook for the coming year.