Brent crude futures climbed in European trading after Russian officials accused Ukraine of striking the Caspian Pipeline Consortium (CPC), a critical artery for Russian oil exports to the Black Sea.
Russian Foreign Ministry Spokeswoman Maria Zakharova stated that the attack on the CPC was intended to further destabilize global oil markets.
The CPC pipeline transports approximately 80% of Russia's seaborne oil exports, making it a strategic chokepoint for global supply.
Moscow expressed solidarity with Kazakhstan, which operates the consortium, in condemning what it described as a crime against a civilian facility.
The CPC pipeline transports approximately 80% of Russia's seaborne oil exports, making it a strategic chokepoint for global supply.
The allegation marks an escalation in the targeting of Russian energy infrastructure.
Recent Handelsavisen coverage noted that Ukrainian forces have struck the Ufa oil refinery in Russia for the second time within a week and targeted Russian oil tankers in the Sea of Azov.