A Russian drone strike on a commercial vessel in Ukraine’s Odesa region has killed five seafarers and injured 12 others in one of the deadliest single strikes on commercial shipping since the start of the war. According to Odesa authorities, a Russian drone struck a Togo-flagged general cargo ship while it was unloading fertilizer, sparking a major fire, while the Russian defense ministry claims the strikes were targeting military cargo.

Ukrainian officials have denounced the drone strike as a deliberate act to intimidate international shipping and disrupt global food security. Relentless Russian drone and missile strikes have rained on Odesa ports over a three-day period, killing port workers, drivers and sailors. This has forced major agricultural companies like Kernel to temporarily suspend operations at nearby Chornomorsk ports.

Similarly, Ukraine has ramped up drone attacks against Russian shipping in the Sea of Azov and Taganrog Bay. Ukrainian officials reported striking 15 vessels in a single overnight operation, bringing their total to over 105 targeted ships within an eight-day window. These retaliatory strikes have been targeting tankers and cargo ships suspected of belonging to Russia’s “shadow fleet” or transporting looted Ukrainian grain and fuel supplies.

The attacks have come at a time when the oil price rally resumed after Iran escalated attacks in the Middle East. Brent crude for September delivery surged 4.4% to trade at $87.17 per barrel at 5.10 am ET on Tuesday, a level they last touched five weeks ago, while WTI crude for August delivery was up 3.7% to change hands at $81.10/bbl. The oil price rally advanced after Iranian missiles struck two UAE supertankers in the Strait of Hormuz. The ongoing escalation has driven a nearly 15% rally in crude prices since Friday, as energy markets rapidly price in severe geopolitical risk and potential supply disruption.

Source: Oilprice