Ukrainian attacks fueling global ‘energy shock’ – US Treasury secretary

Ukrainian attacks on Russian energy infrastructure have fueled a global “energy shock” and pushed prices higher, US Treasury Secretary Scott Bessent claimed. The disruption has compounded strains caused by the Iran war, he added.

Ukraine has ramped up long-range drone strikes against Russia’s energy sector this year, targeting oil refineries, storage facilities, and export infrastructure deep inside the country. Kiev says the campaign is aimed at weakening Russia’s ability to finance and maintain its military operations.

Speaking to Fox on Wednesday, Bessent said the world is experiencing an energy shock partly because of the Ukrainian strikes.

”Ukraine has decided that they want to blow up Russian energy assets and refined products,” which is “creating upward price pressure on a global basis,” he said.he strikes have significantly disrupted Russian refining, according to energy analytics firm Kpler. It said last week that refinery runs fell to around 3.8 million barrels per day in July, their lowest level in more than two decades. Refined-product exports dropped to around 1.2 million barrels per day, down from 2.3 million a year earlier.