Ukraine's growing attacks on Russian energy facilities are contributing to a sharp increase in gasoline prices in the US, Europe and Asia, according to the latest analysis from Bloomberg.
This is no longer a story of Moscow or Kiev alone, but is becoming a new energy shock that makes the whole world pay the price.
Bloomberg said that Ukrainian unmanned aerial vehicles (UAVs) and missiles strikes, along with incidents at key refineries in Asia and Africa, have caused millions of diesel and gasoline bins to disappear from the world market.
When supply is narrowed, fuel prices immediately increase, putting pressure on consumers as well as the transportation industry in many areas.
In addition, the US sanctions imposed on Russian oil and gas groups such as Lukoil and Rosneft in October, combined with restrictions from the European Union (EU), further tightened the market. These barriers make it more difficult for Russian oil and fuel volumes - one of the world's largest suppliers - to access the market, further reducing global trade flows.
According to Bloomberg calculations, the profit margin of oil refiners in the US, Europe and Asia has reached the highest level for this time of year since at least 2018. Prices have risen not only due to conflict but also due to unplanned outages at key refineries in Kuwait and Nigeria.
Ukraine has said oil depots, processing plants and pipeline pressure gauge stations in Russia are legitimate targets, as they are seen as a direct contribution to nurturing Moscow's "conflict machinery". In response, Russia attacked a series of Ukrainian power infrastructure, claiming that this was a network serving Kiev's military operations.
Another notable development occurred in August, when Hungary imposed sanctions on the commander of Ukraine's top UAV force, Robert Brovdi. Budapest said the strikes by the force had disrupted the flow of crude oil through the Druzhba pipeline - a Soviet-era oil pipeline that played a key role in Central Europe's energy security.
From the battlefield of Ukraine, the widespread impact has caused the global energy market to continue to face the risk of instability. As supply shrinks while demand continues to increase, consumers around the world are paying higher prices for gasoline.
