Blaze erupts at Ufa oil refinery amid explosion reports

FXStreetMar 3, 2025 12:50 AM

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An oil refinery in the Russian city of Ufa was on fire, according to the state RIA news agency. The regional branch of Russia's emergency ministry reported that residents in nearby areas face no danger from the blaze, per Reuters.

"There is no threat to residents of nearby areas," said RIA.

The cause of the fire is yet to be determined. Several Russian Telegram channels, including the SHOT news channel, reported the fire followed an explosion at the refinery.

Market reaction

At the time of writing, the Gold price (XAU/USD) is trading around $2,870, up 0.58% on the day.

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