Crude Firms Above Support as Geopolitical Risk Lifts Cracks and Spreads

Written on 12/23/2025
Bill Baruch

Crude was higher yesterday on increased geopolitical risk premia as Venezuelan tankers continue to be targeted, and Russian Oil assets continue to be struck. Russian refinery runs from Dec. 11-17 were down 190k bpd WoW, largely due to outages at the major Yaroslavl refinery. Strikes at Yaroslavl have reportedly knocked...2 pumpjacks at sunset by vadimrysev via iStock
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