Oil prices surged by 2% following a Ukrainian attack on Russia’s Novorossiysk port, disrupting oil shipments. Brent crude rose by $1.50 to $64.51/bbl, while US WTI climbed $1.57 to $60.26/bbl. Novorossiysk handled 3.22mt of crude and 1.79mt of oil products in October. US sanctions against Russian oil companies have further complicated global oil flows. JPMorgan estimates 1.4 million barrels per day of Russian oil is currently stored on tankers due to sanctions. Carlyle is exploring options to acquire Lukoil’s overseas assets, valued at approximately $22bn. Lukoil, accounting for 2% of global oil production, plans to sell its international holdings representing 0.5% of global oil output.

Read more at Yahoo Finance: Oil prices surge after Ukrainian attack on major Russian port