Oil surges past $115 after reported drone strike on UAE port

Oil prices continue their upward incline, with Brent crude climbing to fresh intraday highs after reports of a drone strike targeting a key oil facility in the United Arab Emirates.

Brent rose above $115 a barrel shortly after 17:00 BST, gaining more than five percent on the day, following reports that the port of Fujairah had come under attack.

Located on the UAE’s eastern coast, outside the Strait of Hormuz, Fujairah serves as a critical export point. A pipeline from Abu Dhabi’s oil fields feeds the terminal, allowing shipments to continue even as the strait remains effectively blockaded.

Earlier, Brent had climbed to around $114 after reports that Iran’s military had struck a US naval vessel.