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Oil Prices Rise in Global Markets After Drone Attack on Russian Port

Baghdad: Oil prices rose by more than 2% on Friday after a Ukrainian drone attack damaged an oil storage facility in the Russian Black Sea port of Novorossiysk. Brent crude futures climbed $1.34, or 2.13%, to $64.35 a barrel, while U.S. West Texas Intermediate crude futures rose $1.40, or 2.39%, to $60.09 a barrel. According to National Iraqi News Agency, both benchmarks had settled unchanged on Thursday. Concerns about impending sanctions on Russian oil had eased worries about a global supply glut, which had previously pushed prices down by more than $2 a barrel in the previous session.