Oil prices took a hit in the early Asian trading session as oil tanker activity resumed at Russia’s Novorossiysk port. This development comes after the port had to temporarily halt operations last week due to a Ukrainian drone strike, as noted by Vivek Dhar of CBA in a research report. The resumption of operations at Novorossiysk port has effectively offset the price gains that were previously driven by rising tensions between the U.S. and Venezuela, as well as attacks on Sudan’s oil infrastructure. As a result, front-month WTI crude oil futures are now 0.4% lower at $59.69 per barrel, while front-month Brent crude oil futures are also 0.4% lower at $63.97 per barrel. This dynamic highlights the complex interplay between geopolitical events and global oil markets, underscoring the importance of staying informed about these developments.