The repercussions of Ukraine's first long-range missile strikes on Russia, which occurred on Tuesday November 19, 2024, were quick to be felt on the market: the price of a barrel of Brent was revised upwards this Wednesday .
Ukrainian strikes shake global oil markets
On November 20, 2024, Ukraine launched long-range (American) missile strikes (6 of which 5 were intercepted) against strategic energy infrastructure in Russia. These attacks, seen as a major escalation in the Russo-Ukrainian conflict by Russia which has promised a response, caused an immediate rise in oil prices. The barrel of Bren rose to 73.53 dollars this Wednesday, November 20, 2024 reports Le Figarowhich reflects the initial concerns of the markets.
In response, Russian exporters have reported minor disruptions, but the situation remains fragile. The strikes also highlighted the vulnerability of supply chains, particularly to Europe. At the same time, West Texas Intermediate (WTI), the American oil benchmark, displays a price of $69.70 for a barrel.
Increased pressure on infrastructure and consumers
Globally, the outlook is hardly the most reassuring: voluntary production reductions by OPEC+ and uncertainty linked to Chinese demand, which has been falling since the third quarter of 2024, are maintaining price volatility.
Despite Russia's warning against Ukraine, the latter renewed its attack this Wednesday. Geopolitics does not favor rapid stabilization: many hope that the Russian-Ukrainian conflict will evolve in the right direction with the election of Donald Trump. But the 47th President of the United States will not return to the Oval Office until January 20, 2025. Until then, the Biden administration supports its Ukrainian counterpart and encourages him to continue his attacks, the latter being at the origin of the first, which is far from reassuring the markets, and even less the consumers.
