Brent Crude Oil Surges Past $119 Amid Iranian Drone Attack on UAE Facility
Brent crude hits $119/barrel after UAE says Iranian drone attack hit oil facility, raising global oil supply fears
The Economic TimesImage: The Economic Times
Brent crude oil prices surged to over $119 per barrel following an Iranian drone attack on a petroleum facility in the United Arab Emirates. This incident has raised fears of potential disruptions in global oil supply, particularly through the critical Strait of Hormuz.
- 01Brent crude oil prices rose by approximately 7.6% to over $119 per barrel.
- 02The Iranian drone attack targeted a major oil export facility in the UAE.
- 03The Strait of Hormuz, a vital oil shipping route, is under threat due to escalating tensions.
- 04The US military has intervened to protect shipping routes and has destroyed Iranian boats.
- 05The UAE condemned the attacks and warned of potential responses.
Advertisement
In-Article Ad
Brent crude oil prices have surged to over $119 per barrel following an Iranian drone attack on a petroleum facility in the United Arab Emirates. This incident has heightened fears of disruptions in global oil supply, particularly through the Strait of Hormuz, a crucial shipping route for oil. The attack, which targeted the Fujairah oil export terminal, has led to a 7.6% increase in oil prices, marking the highest levels since early 2022. In response to the escalating tensions, the US military has taken action to protect shipping routes, destroying six Iranian boats and intercepting missiles and drones aimed at commercial vessels. The UAE government condemned the drone attack as a serious threat to its national security and has asserted its right to respond. Experts warn that if the conflict continues or oil routes remain blocked, oil prices may rise even further in the coming days, creating instability in global markets.
Advertisement
In-Article Ad
The attack on the UAE oil facility raises concerns about potential disruptions in oil supply, which could lead to higher fuel prices globally.
Advertisement
In-Article Ad
Reader Poll
How concerned are you about rising oil prices due to geopolitical tensions?
Connecting to poll...
More about US Central Command
Read the original article
Visit the source for the complete story.



