The October Brent Futures contract saw a weaker morning, trading from $81.60/bbl down to a daily low of $80.59 before rallying back up to $80.95/bbl, where it trades at the time of writing (11:20 BST). In headlines, Russia launched approximately 200 missiles at Ukraine on Monday, targeting energy installations and causing power and water outages in Kyiv. This massive assault, one of the largest in weeks, follows Ukraine’s ongoing offensive in Kursk which has been active for nearly three weeks. The barrage urged Ukrainian officials to call for the removal of missile restrictions, with Zelensky arguing the scale of the attack proved that limits on Western-supplied weapons, particularly low-observable, long-range missiles, need to be dropped. The strikes resulted in at least four deaths and emergency blackouts across 15 regions; following the attack, Polish media reported that Warsaw had deployed aircraft for airspace defense, and U.S. airbases in Germany were on high alert. Ukrainian forces also reportedly attacked Russia’s Engels airfield in the Saratov region, with the Russian Defense Ministry claiming to have shot down 9 of the UAVs, as reported by Reuters. In other news, Colombia’s state-owned oil company Ecopetrol reported five attacks on pipelines, claiming no impact on exports. The Cano Limon-Covenas pipeline was attacked three times, and the Bicentenario pipeline twice, with the Colombian army being deployed to protect repair efforts. At the time of writing, the Oct/Nov and Oct/Apr’25 spreads are trading at $1.08/bbl and $3.57/bbl, respectively.
