economy
Oil prices jump after Iran attacks UAE as U.S. tries to open Strait of Hormuz
The U.S. operation comes after renewed attacks on commercial vessels over the weekend.
TL;DR
- Oil prices rose sharply after Iran attacked the UAE with missiles, cruise missiles, and drones.
- A fire broke out at the UAE's oil hub in Fujairah following a drone attack.
- The U.S. has launched "Project Freedom" to support civilian ships transiting the Strait of Hormuz.
- U.S. forces destroyed six Iranian boats attempting to interfere with shipping in the strait.
- Iran warned it would attack U.S. warships approaching the strait.
- Oil CEOs predict continued fuel shortages and higher prices, with normalization of exports potentially taking months.
- Several attacks on commercial ships near the Strait of Hormuz preceded the U.S. operation.