Oil prices remained relatively stable on Monday following the resumption of loadings at Russia’s Novorossiysk export hub, which had been temporarily halted due to a Ukrainian attack. Brent crude saw a marginal decline of 8 cents, settling at $64.31 per barrel, while U.S. West Texas Intermediate (WTI) crude dipped by 10 cents to $59.99. The Novorossiysk port, a critical Black Sea facility, resumed operations on Sunday after a two-day suspension that disrupted approximately 2% of global oil supply. The pause had initially caused a 2% surge in oil prices on Friday, but the market quickly adjusted as operations normalized. However, concerns persist over Ukraine’s continued targeting of Russian oil infrastructure, including recent strikes on the Ryazan and Novokuibyshevsk refineries. Analysts are closely monitoring the long-term impact of these attacks on Russia’s crude exports, alongside the effects of Western sanctions. The U.S. has imposed sanctions on Russian oil companies Lukoil and Rosneft, effective November 21, aiming to pressure Moscow into peace negotiations. Additionally, OPEC+ has maintained its December output target increase of 137,000 barrels per day, consistent with October and November levels, while pausing further increases in the first quarter of 2026. Despite these developments, the oil market faces ongoing volatility due to geopolitical risks and fluctuating global supply. Speculators have increased net long positions in ICE Brent, reflecting cautious optimism amid supply uncertainties. Analysts predict that oil prices will remain supported, with potential dips in the near term but a more positive outlook for the latter half of 2026.