Oil prices jump as Iran attacks UAE, US warships enter Hormuz
Oil prices jumped on Monday after a drone strike sparked a fire at an Emirati energy installation following US warships crossing the Strait of Hormuz. The UAE defence ministry said Iranian drone and missile attacks were targeting the country.
Oil prices surged on Monday after a drone strike caused a fire at an energy installation in Fujairah, United Arab Emirates. The UAE defence ministry attributed the attack to Iran, stating that Iranian drone and missile attacks were targeting the country. Earlier, US warships crossed the Strait of Hormuz as part of a new ship escort mission announced by US President Donald Trump. Iran's state TV reported that the Iranian navy fired a cruise missile 'warning shot'. The conflict has contributed to a rise in oil prices, with Brent crude for July delivery jumping over 5%. Meanwhile, Asian markets saw gains, with Seoul and Taipei hitting record highs driven by tech shares, while US equity indices retreated from record finishes the previous week.
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