Oil prices jump after Iran attacks UAE as U.S. tries to open Strait of Hormuz
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- Iran launched four cruise missiles at the UAE, three were intercepted by UAE air defenses and the fourth fell into the sea.
- Brent crude futures surged more than 5% to $114.23 per barrel after the attack.
- Project Freedom mobilized U.S. guided‑missile destroyers, over 100 aircraft and unmanned platforms to escort civilian ships through the Strait of Hormuz.
- UAE’s Fujairah oil hub caught fire following an Iranian drone strike on a vessel linked to ADNOC.
- U.S. Navy advised ships on mine avoidance and readied to strike immediate threats, while two U.S.-flagged merchant vessels successfully transited the strait.
- OPEC+ agreed to raise oil output by 188,000 barrels per day, a move that tempers the supply shock from the Gulf tensions.
Why it matters: Oil traders gain as Brent spikes 5% to $114, while shipping firms lose due to heightened risk in the Strait of Hormuz, prompting insurers to raise premiums and potentially throttling global supply.
