The Center East turmoil continues and Iran is unquestionably not firming down on its threats and strikes throughout the area. It’s now being reported throughout a number of sources that UAE’s Fujairah oil port has been attacked once more. The harm is now being assessed however Reuters sources are saying that oil loading has been suspended on the port.
The native media workplace is reporting that no casualties have been sustained however there’s a fireplace breaking out within the space after the drone assault.
For some context, the port is one that’s positioned roughly 70 nautical miles from the Strait of Hormuz. And it hundreds crude oil that’s transported from the fields of Abu Dhabi, that are then largely bought to consumers in Asia. With the Strait of Hormuz already in de facto closure, main disruptions right here can be one other headache for the oil market to cope with.
As added background, the UAE is OPEC’s third‑largest crude producer with the Fujairah oil port itself with the ability to home as much as 18 million cubic metres in storage capability. So, that makes it one of many world’s prime hubs for storing crude and fuels as effectively as mixing operations.
WTI crude oil is now up over 2% on the day now to $100.81 with Brent crude oil up shut to three% to $106.33 in the mean time.
