LONDON: Due to attacks on Gulf oil production and US President Donald Trump’s appeal for international cooperation to safeguard the Strait of Hormuz, oil prices dropped on Monday. By 3:48 p.m. Saudi time, Brent crude futures had dropped 92 cents to $102.22 per barrel, while US West Texas Intermediate crude had dropped $3.45, or 3.5%, to $95.26.
Following the US-Israeli attacks on Iran, which forced Tehran to stop shipping through the Strait of Hormuz, a vital waterway for a fifth of the world’s supplies of oil and liquefied natural gas, both contracts have increased by more than 40 percent this month to their highest levels since 2022.
Due to broad production shut-ins implemented by state oil firm ADNOC due to the Iran crisis and the effective closure of the Strait of Hormuz, the UAE’s daily oil output has decreased by more than half, according to two individuals who spoke with Reuters.
A source familiar with the issue told Reuters on Monday that ADNOC has halted oil loading operations at the United Arab Emirates port of Fujairah after a drone strike caused fires at the important export terminal.
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