08:54 AM EST, 11/14/2025 (MT Newswires) -- Oil price rose early on Friday after a Ukrainian attack on Russia's Black Sea port of Novorossiysk suspended 2.2-million barrels per day of exports.

West Texas Intermediate crude oil for December delivery was last seen up US$1.00 to US$59.69 per barrel, while January Brent oil was up US$0.91 to US$63.92.

Ukraine on Thursday attacked Novorossiysk, Russia's major Black Sea oil export port, as it continues to strike at Russian refineries and oil infrastructure. Russia temporarily suspended exports from the port, which handles 2% of global oil demand, according to Reuters.

"Crude oil futures jumped after a Ukrainian drone attack on Russia's Black Sea port of Novorossiysk, a key export hub for both grains and oil. Any prolonged disruption would force traders to source supplies elsewhere, adding further support to prices. Brent initially rose by about 3% before paring gains, with the early spike driven largely by short covering," Saxo Bank noted.

Still, the oil market remains well supplied amid rising production from OPEC+ and producers in North and South America. Major forecasting agencies this week again warned prices will be pressured as rising inventories are expected to pressure prices through the end of this year and into 2026.

"OECD inventories are projected to swell in every quarter of 2026, ultimately reaching 3.18 billion barrels by year-end, up from 2.93 billion barrels this year. The reason lies in an anticipated output level of 44.22 mbpd (million barrels per day) from OPEC+, an increase of 630,000 bpd year-on-year. This may appear somewhat overzealous, but if it proves accurate, both global and OECD inventories will indeed build, weighing heavily on prices," PVM Oil Associates noted.