Oil Tops $120 as Iran Strikes UAE Tanker and Hormuz Closes Again
Oil worth neared $120 a barrel on Monday after a drone strike on a UAE oil tanker within the Strait of Hormuz. The UAE has blamed Iran for the assault, the twenty fourth on regional transport for the reason that conflict started.
The Abu Dhabi National Oil Company tanker Barakah was hit by two drones close to Fujairah. The strait is now successfully shut to industrial site visitors for a second time this spring.
Iran Blamed for Drone Strike on Empty ADNOC Tanker
As of this writing, the Brent crude oil worth was buying and selling for $119,191, after establishing an intra-day high of $120.363, earlier than traders began reserving early income.
The Barakah, operated by ADNOC’s maritime logistics unit, was transiting the strait empty when the strike hit. UKMTO, the British army’s maritime warning service, said the tanker was struck by “unknown projectiles.”
No crew members have been injured, the UAE Ministry of Foreign Affairs said in an announcement. Officials immediately accused Iran’s Islamic Revolutionary Guard Corps of finishing up the strike. The ministry known as the incident a “terrorist assault” and “acts of piracy.”
The UAE known as the strike a “flagrant violation” of UN Security Council Resolution 2817 on freedom of navigation.
It demanded Iran halt all assaults and decide to a cessation of hostilities. Abu Dhabi additionally pressed for the unconditional reopening of the strait to international transport.
Hormuz Closure Resumes as US Prepares Project Freedom
A separate strike on a northbound cargo ship off Sirik on Iran’s southern coast was reported on Sunday. UKMTO described the regional risk degree as “important” and mentioned all crew have been unhurt. It was the primary reported assault within the space since April 22.
Iran first closed the strait on February 28, 2026, when the conflict started. Tehran re-imposed restrictions on April 18 after Washington refused to elevate its counter-blockade.
The waterway carries roughly one-fifth of worldwide oil provide. Brent crude futures had already gained about 8% over the previous week on rising provide fears.
US President Donald Trump mentioned final week that the Navy would start escorting stranded vessels by means of Hormuz on Monday. The humanitarian operation, known as Project Freedom, is backed by US warships.
“Countries from everywhere in the World… have requested the United States if we may assist release their Ships, that are locked up within the Strait of Hormuz… We have instructed these Countries that we are going to information their Ships safely out of those restricted Waterways… God Bless All Our Troops Engaged in Project Freedom,” Trump indicated.
Iran has warned it should strike any US or Israeli forces getting into the strait. Iranian state media has claimed the nation’s navy turned again “enemy destroyers” and hit US vessels. US Central Command has denied these reviews.
The subsequent 48 hours will take a look at Project Freedom’s skill to clear backlogged transport with out triggering wider escalation. Markets are watching whether or not oil holds the beneficial properties or fades the geopolitical danger premium.
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