Oil prices jump 6% as Iran sets UAE oil port ablaze, strikes vessels in Hormuz
Oil prices surged around 6% as Iran attacked UAE oil infrastructure and vessels near the Strait of Hormuz, marking a major escalation despite a prior U.S.-Iran ceasefire. The U.S. military responded by destroying Iranian boats and intercepting drones and missiles while attempting to secure shipping lanes. Global oil flows remain at risk, with about 20% passing through the strategically vital strait before recent hostilities.
- ▪Iran caused a fire at a UAE oil port and attacked multiple vessels, including a South Korean ship, in the Strait of Hormuz.
- ▪U.S. forces destroyed six Iranian small boats and intercepted Iranian cruise missiles and drones during operations to secure the strait.
- ▪Brent crude rose 6.3% to $114.96 per barrel, while U.S. WTI crude increased 4.2% to $106.17 following the attacks.
- ▪Iran's Revolutionary Guards claimed expanded control near the Strait of Hormuz, including UAE ports of Fujairah and Khorfakkan.
- ▪OPEC+ agreed to raise oil output by 188,000 barrels per day in June for seven members, the third straight monthly increase.
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Gas prices above $6 per gallon are displayed at Chevron and Shell stations in Monterey Park, California, on Apr. 30. AFP-YonhapNEW YORK — Oil prices jumped about 6 percent on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24 hours, the most serious escalation since a U.S.-Iran ceasefire came into force in early April.Brent futures rose $6.79, or 6.3 percent, to $114.96 per barrel at 12:54 p.m. EDT (1654 GMT), while U.S. West Texas Intermediate (WTI) crude rose $4.23, or 4.2 percent, to $106.17.A South Korean ship was hit by an explosion in the Strait of Hormuz on Monday and Iranian drones caused a fire at a UAE oil port, as Tehran demonstrated its grip on Middle East oil after U.S.
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