Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent
Published . Updated .
Key takeaways
- Ukraine has renewed attacks on Putin's energy industry in recent days, conducting a series of powerful strikes that have cut Russian oil refining capacity by around 30 percent and sparked fuel shortages across the country, writes Peter Dickinson.
- Exposed: USO, XLE, CRAK, ITA, XOM
- Market reaction: price tracking starts with the next trading session.
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Ukraine has renewed attacks on Putin's energy industry in recent days, conducting a series of powerful strikes that have cut Russian oil refining capacity by around 30 percent and sparked fuel shortages across the country, writes Peter Dickinson.
Directly affected
- No company is named in this report.
Indirectly affected
- USO United States Oil Fund-1.1% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+6.9% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- CRAK VanEck Oil Refiners ETF
VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refining” (refining) in this story.
- ITA iShares U.S. Aerospace & Defense ETF+1.1% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “drone” (defense) in this story.
- XOM ExxonMobil Holdings-2.7% 17d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- CVX Chevron+3.1% 30d
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- COP ConocoPhillips+4.0% 30d
ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- BP BP p.l.c+7.6% 8d
BP p.l.c (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| USO | +2.78% | +4.95% | base | after close | after close | after close | after close |
| XLE | +2.11% | -0.95% | base | after close | after close | after close | after close |
| CRAK | +4.45% | -1.14% | base | after close | after close | after close | after close |
| ITA | -2.04% | -4.68% | base | after close | after close | after close | after close |
| XOM | +3.07% | +0.89% | base | after close | after close | after close | after close |
| CVX | +2.73% | +0.67% | base | after close | after close | after close | after close |
| COP | +0.96% | +0.52% | base | after close | after close | after close | after close |
| BP | +2.31% | -0.11% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent Atlantic Council
Source: Atlantic Council
How far United States Oil Fund (USO) has moved since 10 Nov 2026
| Company | When | Move | Status |
|---|---|---|---|
| BP | three days earlier | -0.11% | final price |
| BP | five days earlier | +2.31% | final price |
| COP | three days earlier | +0.52% | final price |
| COP | five days earlier | +0.96% | final price |
| Vaneck Etf Trust (CRAK) | three days earlier | -1.14% | final price |
| Vaneck Etf Trust (CRAK) | five days earlier | +4.45% | final price |
| Chevron (CVX) | three days earlier | +0.67% | final price |
| Chevron (CVX) | five days earlier | +2.73% | final price |
| IShares U.S. Aerospace & Defense ETF (ITA) | three days earlier | -4.68% | final price |
| IShares U.S. Aerospace & Defense ETF (ITA) | five days earlier | -2.04% | final price |
| United States Oil Fund (USO) | three days earlier | +4.95% | final price |
| United States Oil Fund (USO) | five days earlier | +2.78% | final price |
| Select Sector Spdr Tr (XLE) | three days earlier | -0.95% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | +2.11% | final price |
| ExxonMobil Holdings (XOM) | three days earlier | +0.89% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | +3.07% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 27 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 71 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 27 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 48 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 69 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 26 Aug 2026. That is 76 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 24 Aug 2026. That is 78 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Conocophillips (COP), worth $1,000,001 - $5,000,000 on 21 Aug 2026. That is 81 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. David J. Taylor sold Marathon Petroleum (MPC), worth $1,001 - $15,000 on 15 Oct 2026. That is 26 days before publication. Filed 29 Oct 2026. View the filing.
- Rep. David J. Taylor sold Marathon Petroleum (MPC), worth $1,001 - $15,000 on 22 Sep 2026. That is 49 days before publication. Filed 1 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
United States Oil Fund (USO) on one side of this energy story
Companies carried with this story
- USO United States Oil Fund
In “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
In “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence. Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- CRAK Vaneck Etf Trust
For “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent,” Vaneck Etf Trust (CRAK) is linked, with no stored direction, medium confidence. Reason on file: VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refining” (refining) in this story
- ITA IShares U.S. Aerospace & Defense ETF
In “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent,” IShares U.S. Aerospace & Defense ETF (ITA) is linked, with no stored direction, medium confidence. Reason on file: iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “drone” (defense) in this story
- XOM ExxonMobil Holdings
ExxonMobil Holdings (XOM) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent.” Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- CVX Chevron
Chevron (CVX) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent.” Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- VLO Valero Energy
In “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent,” Valero Energy (VLO) is linked, with no stored direction, medium confidence. Reason on file: Valero Energy (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story
- MPC Marathon Petroleum
Marathon Petroleum (MPC) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent.” Reason on file: Marathon Petroleum (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story
How energy news reaches United States Oil Fund (USO)
On 10 Nov 2026, “Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent” is the story that connects United States Oil Fund (USO) to Energy.
For United States Oil Fund (USO), the reason on file says United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
A second company, Select Sector Spdr Tr (XLE), is listed for a different reason: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
Price levels for United States Oil Fund (USO)
USO traded between 143.02 and 171.80 across 20 sessions. The latest close on file is 148.41. XLE traded between 63.05 and 70.15 across 20 sessions. The latest close on file is 66.70.
How solid the energy case looks
46 out of 100
“Ukraine’s new drone blitz cuts Russian oil refining capacity by 30 percent” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.