Oil price jumps over $3, as Ukraine launches a drone attack on a Baltic sea refinery near St Petersburg, Russia. Markets are still sensitive to Russian oil exports despite the 'oil cap'.

As the Ukrainian military becomes more daring in attacking targets within Russia, so far their attacks have been aimed at oil storage and oil refinery depots center near the Baltic Sea.  The oil price which has been sitting above its $72 price resistance, jumped to over $75 per barrel in response to drone attacks on an oil refinery close to Russia's 2nd largest city, St Petersburg.

Testament to how sensitive the oil price is to not just geopolitical actions, but Russia's own impact on the oil markets, which is still significant.  Despite the Russian oil cap, to reduce the selling power of Russia oil exports.  Can you imagine, with military strikes on Russian oil refineries, what the price would be without these oil price caps?  

Not even China, with its apparent deflation, would be able to escape stagflation.  And ain't off the table as yet.  

Price Resistance at 75 and 75.50

Price Support/s at 72 and 70