A fire broke out at a petroleum facility in Fujairah after Iran launched four ballistic missiles at the UAE, confirming what many feared — the fragile ceasefire between Iran and the US was fracturing in real time.
Oil Markets Feel The Burn
Brent crude futures jumped more than 4%, hitting an intraday high above $114 a barrel. West Texas Intermediate wasn’t far behind, gaining over 3% and briefly crossing $105. The strikes rattled energy markets immediately, given the UAE’s proximity to key shipping lanes in the Persian Gulf.
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The UAE’s Ministry of Defense said its air defense systems intercepted three of the four incoming missiles. The fourth fell into the sea. No major casualties were reported from the interceptions, but the petroleum site fire in Fujairah signaled that the attack wasn’t without consequence.
Earlier in the day, reports had circulated that Iran also struck US Navy vessels escorting oil tankers
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