The UAE, OPEC’s third-largest producer, has shut in more than half its output. This is due to the effective closure of the export route.
A drone attack sparked a fire in the Fujairah Oil Industry Zone. No injuries were reported, but it added to market nerves. Brent futures rose $2.74, or 2.7%, to $102.95 per barrel.
WTI crude gained $2.45, or 2.6%, to $95.95. Experts warn risks remain high. One missile or mine could reignite full chaos, says IG analyst Tony Sycamore.
Markets focus on the conflict’s duration. Damage to Gulf oil infrastructure could prolong high prices.
The IEA suggests releasing more strategic reserves. This follows an earlier agreement to draw 400 million barrels.
Inflation concerns rise with higher energy costs. Global economies face pressure from sustained disruptions. Traders eye Middle East crude benchmarks at all-time highs. Reduced delivery availability pushes prices even higher.
The war shows no quick end in sight. Israel plans more strikes, while allies debate escorting ships. This rebound reverses prior drops when some vessels passed through. But ongoing halt keeps upward pressure intact.