Oil prices jump after Iran attacks UAE as U.S. tries to open Strait of Hormuz
Oil prices jumped Monday after Iran attacked the United Arab Emirates, jeopardizing a fragile ceasefire agreement between Tehran and Washington.
International benchmarkBrentcrude futures rose nearly 6% to close at $114.44 per barrel.
U.S.West Texas Intermediatefutures advanced more than 4% to settle at $106.42 per barrel.
The UAE's air defense system on Monday engaged 12 ballistic missiles, three cruise missiles and four drones launched from Iran, according to the Gulf state's defense ministry.
A fire broke out at the UAE's oil hub at Fujairah after a drone attack by Iran, according toa report from Reuters.
The attack on the UAE is the latest escalation in the Persian Gulf.
and Iran on Monday were teetering on the brink of war again after a weekslong standoff over the Strait of Hormuz.
PresidentDonald Trumpon Sunday said the U.S.
would guide civilian ships through the strait.
Iran has blockaded the key sea lane for weeks now, triggering the biggest oil supply disruption in history.
military operation, dubbedProject Freedom, is supported by U.S.
guided-missile destroyers, more than 100 aircraft and unmanned platforms, U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $82.14/bbl | ▲ +0.34% |
| WTI Crude | $78.90/bbl | ▲ +0.21% |
| EN590 Diesel | $746/MT | ▲ +0.18% |
| Jet Fuel A-1 | $820/MT | ▲ +0.55% |
| Mazut M100 | $310/MT | ▼ −0.15% |
| Bitumen 60/70 | $420/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $112/MT | ▼ −0.44% |
| Urea 46% Gran | $298/MT | ▲ +1.12% |
| NPK 16-16-16 | $340/MT | ▼ −0.28% |
| Nat Gas TTF | $10.42/MMBtu | ▲ +0.92% |
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