J.P. Morgan: ME Conflict Remains Growing Risk for Energy Markets

J.P. Morgan on Tuesday said that the spreading conflict in the Middle East continued to remain a growing risk for energy markets. Drone attacks will likely lead to a reduction in Russia’s refining and export capacity and add uncertainty to the global oil market, mostly impacting oil product markets rather than crude, the bank said in a note.

The oil refinery in the Russian city of Yaroslavl is operating normally after an attempted drone attack on Monday, regional governor Mikhail Yevrayev said.