Oil prices rise on Monday after a drone strike triggers a fire at a UAE energy installation in Fujairah, amid heightened tensions involving Iran and the United States. Multiple reports say US warships enter the Strait of Hormuz as the US carries out an operation aimed at keeping shipping routes open, following earlier moves by both sides after a US-Iran ceasefire that is described as fragile. The UAE says the fire is linked to Iranian drones, while Iranian officials deny some US-described actions. The increase in geopolitical risk drives crude higher in global markets: Brent crude for July delivery jumps more than 5% in one report, while another cites Brent rising about 6% to around $115 per barrel and US West Texas Intermediate gaining about 4% to around $106. Beyond oil, trading in Asia shows mixed behavior: Seoul and Taipei reach record highs, with Asian investors also buying technology shares, while US equity indices pull back from record finishes from the previous week. Overall, sources attribute the oil move primarily to Hormuz-related security concerns and the immediate impact of the reported UAE incident.
Oil prices jump after Iran-linked attacks as US warships enter Strait of Hormuz
Oil prices rise on Monday after a drone strike triggers a fire at a UAE energy installation in Fujairah, amid heightened tensions involving Iran and the United States. Multiple reports say US warships...
- A drone strike sparks a fire at a UAE energy installation in Fujairah, increasing concerns about Middle East oil supply.
- US warships enter the Strait of Hormuz as the US says it is acting to keep shipping routes open.
- Brent crude for July delivery rises by about 5–6% on Monday; WTI also increases by roughly 4%.
- One South Korean vessel is reported hit by an explosion in or near the Strait of Hormuz.
- Asian equities (Seoul and Taipei) hit record highs while US equity indices retreat from recent record closes.
NEW YORK, United States — Oil prices jumped on Monday after a drone strike sparked a fire at an Emirati energy installation, threatening a fragile US-Iran ceasefire, while US warships entered the crucial Strait of Hormuz. Seoul and Taipei hit record highs as Asian traders joined the rally in tech shares. But US equity indices retreated from record finishes last week. READ: PSEi seen testing 5,800 support Oil prices climbed, with the benchmark international contract Brent crude for July delivery jumping more than five percent. This was after the drone strike in the emirate of Fujairah. The UAE defense ministry later said Iranian […]...Keep on reading: Oil prices jump on Hormuz tensions as US indices retreat from records
3 months agoNEW YORK — Oil prices jumped about 6 percent on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24 hours, the most serious escalation since a U.S.-Iran ceasefire came into force in early April. Brent futures rose $6.79, or 6.3 percent, to $114.96 per barrel at 12:54 p.m. EDT (1654 GMT), while U.S. West Texas Intermediate (WTI) crude rose $4.23, or 4.2 percent, to $106.17. A South Korean ship was hit by an explosion in the Strait of Hormuz on Monday and Iranian drones caused a fire at a UAE oil port, as Tehran demonstrated its grip on Middle East oil after U.S. President Donald Trump said his Navy would open the strait. The U.S. military said it destroyed six Iranian small boats and intercepted Iranian cruise missiles and drones fired by Tehran as the U.S. launched an operation to free up shipping through the Strait of Hormuz, U.S. Admiral Brad Cooper, the head of Central Command, said on Monday. Iranian military officials, meanwhile, denied that Iranian small boats were sunk. About 20 percent of global oil and liquefied natur
3 months agoSeoul and Taipei hit record highs Monday as Asian traders joined the rally in tech shares, but US equity indices retreated from record finishes last week. The post Oil prices jump as Iran attacks UAE, US warships enter Hormuz appeared first on Vanguard News.
3 months agoOil prices jumped on Monday after a drone strike sparked a fire at an Emirati energy installation following US warships crossing the crucial Strait of Hormuz. Seoul and Taipei hit record highs Monday as Asian traders joined the rally in tech shares, but US equity indices retreated from record finishes last week.Oil prices climbed, with the benchmark international contract Brent crude for July delivery jumping more than five percent, after a drone strike caused a fire at an energy installation in the emirate of Fujairah, authorities said Monday.
3 months ago
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