The Middle East turmoil continues and Iran is definitely not toning down on its threats and strikes across the region. It is now being reported across multiple sources that UAE's Fujairah oil port has been attacked again. The damage is now being assessed but Reuters sources are saying that oil loading has been suspended at the port.
The local media office is reporting that no casualties were sustained but there is a fire breaking out in the area after the drone attack.
For some context, the port is one that is located approximately 70 nautical miles from the Strait of Hormuz. And it loads crude oil that is transported from the fields of Abu Dhabi, which are then mostly sold to buyers in Asia. With the Strait of Hormuz already in de facto closure, major disruptions here would be another headache for the oil market to deal with.
As added background, the UAE is OPEC’s third-largest crude producer with the Fujairah oil port itself being able to house up to 18 million cubic metres in storage capacity. So, that makes it one of the world's top hubs for storing crude and fuels as well as blending operations.
WTI crude oil is now up over 2% on the day now to $100.81 with Brent crude oil up close to 3% to $106.33 at the moment.
This article was written by Justin Low at investinglive.com.
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16-03-2026, 08:10
UAE's Fujairah oil port attacked again, oil loading has been suspended
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