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Oil prices rose more than 2% on Friday after a Ukrainian drone strike forced Russia to suspend crude exports from the port of Novorossiysk, removing a major flow of supply and adding fresh geopolitical risk to the market.

Brent crude settled $1.38 higher, or 2.19%, at $64.39 a barrel.

WTI gained $1.40, or 2.39%, to $60.09 a barrel. Brent ended the week up 1.2%, with WTI posting a smaller weekly gain.

Russia halted shipments from Novorossiysk — a key Black Sea outlet handling about 2.2 million bpd, roughly 2% of global supply — after the attack damaged an oil depot and a vessel at the terminal. Analysts said the disruption had a wider market impact than previous strikes, given the scale of flows routed through the port.

The escalation added to broader geopolitical tensions after Iran seized a tanker near the Strait of Hormuz, a chokepoint for around a fifth of global crude supply. The incident raised concerns that regional risks could intensify ahead of winter demand.

At the same time, traders are preparing for 21 November, when US sanctions targeting Russia’s largest oil exporters, Rosneft and Lukoil, take full effect. Buyers have already slowed offtake, pushing an estimated 1.4 million bpd of Russian crude into floating storage as vessels wait for clarity on discharge rules. The build-up has reinforced expectations of a tighter marketable supply once the restrictions are enforced.

A slight uptick in US drilling activity, with oil rigs rising by three to 417, offered only a modest counterweight to the day’s bullish drivers.

Written by: Aiman Haikal