Ukrainian Drones Strike Major Russian Oil Export Hub on Black Sea
Ukrainian drones have targeted an oil terminal at the Russian port of Novorossiysk, causing a fire at the Transneft Sheskharis loading terminal, according to reports from Russian outlet Astra and Ukrainian outlet Exilenova Plus. This incident marks the second attack on the Sheskharis terminal in the past year, following a similar strike in November 2022. The terminal, along with Russian energy export infrastructure at nearby Tuapse and Temryuk ports, was hit by Ukrainian forces.
Novorossiysk is a critical oil hub and loading terminal for a significant portion of Russia's Black Sea oil exports. It is also located near a terminal operated by the Caspian Pipeline Consortium (CPC), which handles crude oil from Kazakhstan's vast oilfields. In recent months, a series of drone strikes and severe winter storms in the Black Sea have disrupted oil exports from Novorossiysk and CPC loading terminals, causing delays in the loading of Russian grades Urals and Siberian Light, as well as Kazakhstan Export Blend Crude Oil (KEBCO).
The port of Novorossiysk suspended oil exports for a few days in November following a major Ukrainian attack. The CPC terminal was hit by another attack at the end of the same month, pushing cargoes by several days. Since the second half of 2025, Ukraine has intensified attacks on Russia's oil refineries, depots, and export terminals, escalating the war on energy infrastructure. This has led to Russia targeting Ukraine's gas-producing facilities and gas and power distribution networks as temperatures drop.
The conflict has significant implications for global energy markets, with oil prices soaring amid escalating tensions in the Middle East. Analysts predict that disruptions in the Strait of Hormuz could lead to oil prices reaching $100 per barrel. Additionally, Asian and European LNG prices are expected to jump by 130%, according to Goldman's forecasts.
