Oil settles up more than 2% as Russian port suspends oil exports after Ukrainian attack

The recent surge in oil prices, which rose over 2% after a Ukrainian attack on a Russian oil port, underscores the growing geopolitical risks affecting global markets. This incident halted oil exports from Russia's Novo port, impacting approximately 2% of the global oil supply. Analysts note that the attack not only disrupts supply but also adds a geopolitical premium to oil prices, as seen in similar situations where tensions in regions like Iran have influenced market dynamics. The interconnectedness of these events highlights the volatility in oil markets driven by geopolitical factors.