Singapore: Oil prices fell on Tuesday after Russia resumed crude loadings at its major export hub in Novorossiysk, easing supply worries that followed a recent drone and missile attack on the port.

Operations at the Black Sea terminal had been halted for two days after the strike, which damaged parts of the port area and briefly disrupted exports. The pause had raised concerns because the port handles more than two million barrels of oil a day, making it a vital channel for Russian supplies to global markets.

According to port officials and shipping data, loadings restarted on Sunday, allowing crude flows to move back toward normal levels. With the immediate supply threat reduced, global oil benchmarks slipped. Brent crude fell to around 63 dollars a barrel and United States West Texas Intermediate dropped below 60 dollars.

Traders are now shifting their attention to the broader impact of Western sanctions on Russia’s oil sector. Recent measures targeting major companies such as Rosneft and Lukoil have increased pressure on Moscow’s energy revenues. Analysts say Russian crude is being sold at larger discounts as buyers factor in higher risks linked to sanctions and insurance restrictions.

The United States Treasury has said that Russia’s oil income has already declined, and financial data shows a sharp fall in the country’s energy earnings this year. While Russia continues to rely on alternative shipping networks to keep exports flowing, experts warn that tighter sanctions could gradually limit its output or raise its transport costs.

Oil market analysts expect prices to remain under pressure in the short term as supply appears stable and United States production stays strong. However, they note that any new attack on Russian infrastructure or fresh sanctions could quickly change the outlook.

For now, the return of loadings at Novorossiysk has brought some calm to the market, but geopolitical risks around Russian oil exports remain high.