economy
Iran targets UAE energy infrastructure as gas field set ablaze, tanker struck near Strait of Hormuz
Oil prices advanced on Tuesday as energy market participants monitored Middle East supply disruptions.
TL;DR
- A drone attack caused a fire at the UAE's massive Shah gas field, suspending operations.
- A fire also broke out in the Fujairah Oil Industry Zone following a drone attack.
- A tanker was struck by an unknown projectile near Fujairah in the Gulf of Oman.
- Shipping through the Strait of Hormuz has been severely disrupted, impacting oil prices.
- Oil prices have surged due to these supply disruptions.