Oil Surges After Iran Strikes Energy Facility in UAE’s Fujairah

Oil prices jumped as critical energy infrastructure and tankers in the Middle East came under attack, marking a significant escalation in the US-Iran hostilities and jeopardizing a four-week-old ceasefire.

Brent futures surged 5.8% to settle above $114 a barrel after an Iranian drone strike caused a fire in a key oil industrial zone in Fujairah. The UAE also issued several missile alerts to its residents and said its defense systems were actively engaging with threats.