Brent crude oil futures rose 5% to $114 per barrel on Monday, the highest level since May 2022, as tensions in the Middle East intensified following fresh attacks and threats around the Strait of Hormuz.
Energy infrastructure and shipping assets came under renewed attack, raising concerns over global supply disruptions and potential economic impact. Iranian missiles targeted the United Arab Emirates, while Tehran signalled tighter control over the strategic waterway.
The UAE said it intercepted incoming missiles and reported a fire at its Fujairah oil hub, marking one of the first major hits on energy infrastructure in recent weeks. A tanker was also struck by drones near the Strait of Hormuz.
Iran said it fired warning shots at US Navy vessels
approaching the area, further escalating tensions in the region.
The developments come after US President Donald Trump announced plans to restore shipping movement through the strait and assist stranded vessels. However, shipowners remain cautious due to ongoing security risks. US Central Command said two American-flagged ships have passed through the route as efforts to reopen traffic continue.
Iran Breaches Ceasefire With Strike On UAE
The United Arab Emirates came under attack on Monday after Iran allegedly launched drones and missiles toward the Gulf nation, marking the first major reported violation of the ceasefire announced and later extended on April 8.
UAE authorities confirmed multiple aerial threats, with the country’s foreign ministry and defence ministry issuing a series of emergency statements as air defence systems were activated.
Mobile emergency alerts were reportedly sent to residents in Dubai and Abu Dhabi, warning people to remain indoors and follow official instructions.
Officials also said a fire incident was reported at the Fujairah oil refinery following the attacks, though the extent of the damage remains unclear.
According to initial reports, three Indian nationals were injured in the incident and were taken to hospital for treatment.
The attack has also disrupted regional air traffic, with several flights bound for Dubai and Sharjah placed on hold or diverted amid fears of further escalation.
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