Rising Tensions: Drone Attacks on Greek Oil Tankers in the Black Sea

Three Greek-managed oil tankers were attacked by drones while en route to load crude from a Russian terminal, significantly impacting Kazakhstan's oil exports via the Black Sea. The strikes are expected to drive up shipping and insurance costs as global oil supply concerns heighten.

In a dramatic escalation of risk in the Black Sea, three Greek-managed oil tankers came under drone attack on Tuesday. The tankers were on their way to Russia's Yuzhnaya Ozereyevka terminal, a pivotal hub for Kazakh crude oil exports, according to exclusive sources speaking to Reuters.

The strikes occur against a backdrop of plummeting oil production in Kazakhstan, with figures dropping by 35% since the start of January. Export constraints through the Black Sea terminal were cited as a principal cause, exacerbating global oil supply challenges. Despite these setbacks, Kazakhstan's energy ministry confirmed ongoing exports, albeit at diminished capacity.

These attacks could trigger a surge in both shipping and insurance costs for those utilizing Black Sea routes, handling over 2% of global crude. The tankers, including Delta Harmony and Matilda, suffered minor damages that are repairable, but the incidents underscore increasing geopolitical tensions in the region.