Oil Prices Ease as Russian Exports Resume and Markets Weigh Sanctions Impact

PUKMEDIA

Oil prices.

Oil prices fell on Tuesday, 18 November 2025, as supply concerns subsided following the resumption of crude loadings at a major Russian export hub that had been briefly halted by a Ukrainian drone and missile strike. Meanwhile, traders continued to evaluate the longer-term implications of Western sanctions on Russian oil flows.

According to Reuters, Brent crude futures slipped by 46 cents, or 0.72%, to $63.74 a barrel as of 04:20 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 45 cents, or 0.75%, to $59.46 a barrel.

Operations at Russia’s Novorossiysk port restarted on Sunday after a two-day suspension triggered by the Ukrainian attack, according to industry sources and LSEG data. Exports from both Novorossiysk and the nearby Caspian Pipeline Consortium terminal — together accounting for about 2.2 million barrels per day, roughly 2% of global supply — were halted on Friday, briefly pushing crude prices more than 2% higher.

“The market is trading marginally lower as reports indicate that loadings have resumed sooner than expected at Novorossiysk,” IG analyst Tony Sycamore said in a note.

With immediate supply risks easing, traders have refocused on the longer-term effects of Western sanctions. The U.S. Treasury said punitive measures imposed in October on Rosneft and Lukoil are already squeezing Moscow’s oil revenues and are likely to reduce Russia’s export volumes over time.

Looking ahead, Goldman Sachs expects oil prices to trend lower through 2026 due to a significant supply wave keeping the market in surplus. However, the bank noted that Brent could rise above $70 a barrel in 2026–27 if Russian output declines more sharply than anticipated.



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