J.P. Morgan on Tuesday said that the spreading conflict in the Middle East continued to remain a growing risk for energy markets.

Drone attacks will likely lead to a reduction in Russia’s refining and export capacity and add uncertainty to the global oil market, mostly impacting oil product markets rather than crude, the bank said in a note.

The oil refinery in the Russian city of Yaroslavl is operating normally after an attempted drone attack on Monday, regional governor Mikhail Yevrayev said.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Chizu Nomiyama)