Dubai (HRNW): Global oil markets have been thrown into turmoil following reports of an Iranian drone attack on a major UAE oil installation. The news of the strike and the subsequent fire at the facility triggered immediate panic in international trading.
The price of Brent crude oil surged by over 5%, surpassing the $115 per barrel mark—the highest single-day spike recorded recently. The targeted Fujairah port is a critical strategic hub for the UAE, serving as the main exit point for Abu Dhabi’s oil reserves, which are transported via pipeline for global export. The potential disruption to this vital supply route has raised significant concerns regarding global energy security.
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