Oil Prices Surge on Ukrainian Strikes and Positive Demand Outlook

1. Ukrainian Attacks on Russian Refineries: Oil prices experience an upswing due to intensified Ukrainian attacks targeting Russia's energy infrastructure. Notably, the Novoshakhtinsk refinery in Russia's Rostov region suspends operations following a drone strike, complementing earlier strikes on Rosneft's Ryazan oil refinery and Lukoil's Norsi refinery. These attacks contribute to disruptions in Russia's oil export capabilities.

2. Market Optimism Drives Prices: The global market's optimistic sentiment plays a pivotal role in the surge of oil prices. Brent crude registers a 1.3% increase, reaching $82.96 a barrel, while WTI sees a 1.4% rise, reaching $78.66 a barrel.

3. Positive Demand Outlook: In addition to geopolitical events, oil gains are fueled by a positive demand outlook. The U.S. Energy Information Administration (EIA) raising its domestic oil-production forecast and OPEC lifting its global economic-growth forecast for the year further contribute to the upward trajectory of oil prices.