Geopolitical Tensions Drive Oil Prices Higher

Crude oil futures rose as Ukrainian drone strikes disrupted Russian refining capacity, leading to Moscow ordering output cuts to meet OPEC+ targets. The West Texas Intermediate contract for May gained $1.21 to $81.84 a barrel, while the Brent contract for May added $1.14 to $86.57 a barrel. Russia has instructed companies to reduce oil output to fulfill its commitments to OPEC+, following voluntary production cuts by several OPEC+ countries. Ukrainian drone attacks have targeted Russian energy infrastructure, with at least 10% of Russia's refining capacity disrupted, according to British intelligence.