ICYMI from Reuters: drone strikes hit Black Sea tankers as Kazakh output drops

Drone strikes in the Black Sea have critically affected Kazakhstan's crude oil production and international energy supply. Reports indicate that multiple vessels were struck while heading to a key export terminal for Kazakhstan, which handles about 80% of the country's oil exports. Following a significant reduction in Kazakhstan's oil and gas production by approximately 35% due to export constraints, the risk to logistical operations increases significantly. With war-risk insurance costs rising almost twofold, shipping costs have escalated, causing operators to adopt a more cautious approach. This situation also poses potential repercussions for global grain shipments traversing the Black Sea, underlining the importance of maintaining secure energy logistics. The attacks may amplify price sensitivity in an otherwise well-supplied global market, especially if export disruptions continue to occur.