From the Middle East to Russia: How Conflicts Amplify Uncertainty in the Oil Market?

JPMorgan Chase announced today, Tuesday, that the conflict in the Middle East continues to pose an increasing risk to energy markets. The bank added in a note that drone attacks are likely to lead to a decrease in refining and export capacity in Russia, increasing uncertainty in the global oil market, which will primarily affect petroleum product markets rather than crude oil. Mikhail Yefraev, the governor of the Yaroslavl region in Russia, stated that the oil refinery in the city is operating normally following an attempted drone strike yesterday, Monday.