Oil Prices Hit $114.28 After Iranian Drone Strikes UAE Facility

An Iranian drone sparked a fire at an oil facility in Fujairah, United Arab Emirates, on Monday, prompting the UAE to issue its first missile alerts since a ceasefire reached in early April. 28 per barrel, up from roughly $70 before the war. Iran's closure of the Strait of Hormuz due to its war with the United States and Israel has kept oil tankers pent up in the Persian Gulf, exacerbating global supply concerns.

U.S. Navy vessel southeast of the Strait of Hormuz. S. military rejected the claim and stated that two American-flagged merchant ships successfully transited through the Strait of Hormuz.

President Donald Trump said on Sunday that the United States would guide ships through the Strait of Hormuz. Wirth also said, 'Demand needs to move to meet supply,' and 'Economies are going to have to slow,' noting that physical shortages will first hit Asian economic growth. Asia sources as much as 95% of its oil imports from the Middle East region.

Japan received its first crude shipment from Russia’s Sakhalin Island in two years yesterday. S. oil exports have hit another all-time high since the start of the month, according to Kpler. The war has cost Middle Eastern producers over 13 million barrels daily in lost crude oil output, and exports of crude plus refined products from the Middle East have slumped by an estimated 20 million barrels daily, according to Fatih Birol.

Global oil inventories had dropped to an all-time low in late April and fell to an 8-year low, according to Goldman Sachs, with the depletion accelerating this week. Ukraine hit the 400,000 bpd Kirishi Refinery in a drone attack near St. Petersburg 10 minutes ago.

Ships clustered off Dubai as Iran expanded its area of control at Hormuz 1 hour ago. An explosion rocked a South Korean cargo ship in the Strait of Hormuz 4 hours ago. California gas prices surged past $6 amid the oil supply crunch 6 hours ago.

India condemned the Iran attack on Fujairah as oil prices surged 7 hours ago. Oil surged to $114 following Iranian strikes on the UAE port 20 hours ago. The UAE withdrew from OAPEC 20 hours ago. S.

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