Oil prices soared on Monday after Iran launched a series of missiles and drones at the United Arab Emirates, marking the first such attack since a fragile ceasefire between Iran and the United States took effect nearly four weeks ago.
Attack Details
The UAE's air defences intercepted three missiles launched from Iran, while a fourth fell into the sea, authorities said. A large fire broke out at the key Fujairah Oil Industry Zone after a drone strike, sending Brent crude oil prices to $115 a barrel, the highest level of the day.
Three people, all Indian nationals, were taken to hospital for treatment following the attack on the Fujairah facility, which lies on the east coast of the UAE beyond the Strait of Hormuz.
Market Reaction
Oil prices had earlier hit $114 after reports that Iran's military had struck an American destroyer, but they fell back when the US confirmed its ships had not been hit. The attack on the UAE, however, pushed prices higher as traders assessed the risk to regional oil infrastructure.
Diplomatic Fallout
The UAE condemned the strikes as 'treacherous' and said it reserves the right to respond. The attack is the first time the UAE has been targeted since the ceasefire between Iran and the US took hold almost four weeks ago.
Meanwhile, Iran handed over its latest proposal for negotiations with the US to mediators in Pakistan, according to Iran's state-run IRNA news agency. US President Donald Trump said he is 'not satisfied' with the proposal but did not elaborate on its shortcomings.
This is a developing story. More updates will follow.
