Nov’25 Brent futures strengthened this afternoon, from $67.65/bbl at 13.00 BST to $68.45/bbl at 17.28 BST (time of writing). Russia’s state pipeline operator Transneft has warned oil producers they may need to cut output after a wave of Ukrainian drone strikes damaged export ports and refineries, three industry sources told Reuters. The attacks have disrupted facilities, including Ust-Luga and Primorsk. While Primorsk, which handles over 1 mb/d, has partly resumed operations, the scale of the damage remains unclear. Moscow denies the reports as “fake”. Japan’s Finance Minister Katsunobu Kato said Tokyo cannot impose the 50% tariffs on Russian oil buyers demanded by US President Donald Trump, citing WTO rules that bar duties above set limits. He noted Japan is instead working with G7 partners on other ways to pressure Moscow to end the war in Ukraine. India and the US have agreed to step up efforts toward finalising a “mutually beneficial” trade deal after marathon talks in New Delhi, signalling an easing of recent tariff tensions. While optimism is building, experts caution that progress will hinge on sensitive issues like India’s Russian oil imports and protections for its agriculture and dairy sectors. Finally, at the time of writing, the front-month (Nov/Dec’25) and six-month (Nov/May’25) Brent futures spreads stand at $0.45/bbl and $1.40/bbl, respectively.
