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.