Oil prices jump after Ukraine destroys more than 40 Russian fighter planes

Oil prices jumped last night, 1^st June, 2025 after Ukraine did a major attack inside Russia yesterday. Ukraine struck deep inside Russia, destroying at least 41 Russian fighter jets.

Oil prices jump by more than 2%

At 10: 40 p.m. Central Daylight time (CDT) 1^st June, 2025, WTI crude for July delivery was up by 2.52%, trading at $62.33 per barrel. Brent Crude was up by 2.17%, trading at $64.14 per barrel.

Oil prices have jumped on the expectation that Russia will launch a major strike in retaliation. This may even disrupt supply of Russian oil.

Oil prices increase in spite of OPEC+ decision to increase output in July

Oil prices jumped yesterday in spite of OPEC+ announcement that it will increase its oil production in July by 411,000 barrels per day. Oil markets were already factoring in this production increase.

Stocks of oil & gas production companies such as ONGC and Oil India may see some price movement in Indian markets because of this. Stocks of oil marketing companies such as Indian oil may also see some price movement.

Disclaimer: This content is only for informational purpose. It does not make any recommendation to act or invest.

Source: OPEC+