Oil Tops $120 as Iran Strikes UAE Tanker and Hormuz Closes Again
BeInCrypto
Global oil prices neared $120 after a drone strike on a UAE tanker led to the renewed closure of the Strait of Hormuz.Summary
Brent crude prices rose to nearly $120 per barrel following a drone strike on the Barakah, a UAE tanker operated by ADNOC, near Fujairah. The UAE has attributed the attack to Iran's Islamic Revolutionary Guard Corps, labeling it an act of piracy and terrorism. Consequently, the Strait of Hormuz, a critical global shipping route, has been effectively closed to commercial traffic. This incident occurs amidst heightened tensions and the launch of the U.S.-led 'Project Freedom,' a naval initiative designed to escort vessels through the area, which Iran has threatened to oppose.
(Source：BeInCrypto)