“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 5 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 oilfields feeds the terminal, allowing shipments to continue even as the strait remains effectively blockaded. Earlier in the session, Brent had climbed to around $114 after reports that Iran’s military had struck a US naval vessel.
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