Global oil markets reacted immediately to the escalation in the Persian Gulf, pushing the price of Brent crude above $115 per barrel, the highest level of the day.
The surge came after reports of drone attacks on the strategic port of Fujairah in the United Arab Emirates, a key hub for energy exports out of the Strait of Hormuz. Brent rose more than 5% on the day, reflecting market concerns about supply disruptions.
Fujairah plays a key role in the region's energy chain, as it is linked to Abu Dhabi's oil fields through a pipeline that allows oil exports even if the Strait of Hormuz is blocked. The attack on this port significantly increases uncertainty about the continuity of global supplies.
During the day, prices were also affected by unconfirmed reports of an Iranian strike on a US warship, although US authorities denied that their ships had been hit.
The sharp fluctuations in oil markets indicate high sensitivity to developments in the Persian Gulf, where recent tensions and attacks on energy infrastructure are raising fears of a broader global supply crisis.
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