The Charles Eddie, a crude oil tanker owned by Euronav SA, a Belgian shipping company, sails northbound on the Suez Canal in Ismailia, Egypt. Crude oil futures held steady on Tuesday as the wars in Eastern Europe and the Middle East disrupt supplies. Ukraine has escalated its drone strikes against Russian oil refineries, knocking an estimated 900,000 barrels per day of capacity offline, according to Goldman Sachs. The disruptions' impact on crude prices will likely be mixed, with a decline in refinery demand bearish while a potential reduction in Russian oil exports bullish, Goldman noted. The Red Sea disruptions combined with Russian shipping frictions has given crude prices up to a $4 boost per barrel due to larger than expected draws from commercial stocks, according to Goldman.

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Persons: Charles Eddie, Brent, Goldman Sachs, Goldman Organizations: Euronav SA, The West Texas Intermediate Locations: Belgian, Suez, Ismailia, Egypt, The, Eastern Europe, Ukraine