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Last: 98.71 (2026-03-13) | 1259 data points
Drones attack one of the world's largest oil terminals in the UAE
Several Iranian drones attacked oil storage facilities in the port of Fujairah in the United Arab Emirates on March 14. A fire broke out at the site, according to CNN and Turkiye today. Emergency services arrived at the scene to extinguish the fire, and authorities are assessing the damage. The port is reportedly one of the world's largest oil storage and bunkering centers after Singapore. The port of Fujairah is located outside the Strait of Hormuz in the Gulf of Oman, making it a strategically important energy center that allows oil to be exported bypassing the Strait.
‘Nightmare scenario’ looms as global markets head for the biggest oil output disruption in history, top energy guru warns
The U.S.-Israeli war on Iran is quickly spiraling into a worldwide energy crisis as the de facto closure of the Strait of Hormuz forces top oil producers to start slashing output. The seeds of the crisis go back to the late 1970s when Iranian oil workers went on strike and the revolution ushered in the Islamic Republic, Daniel Yergin, vice chair of S&P Global and the author of The Prize: The Epic Quest for Oil, Money & Power, wrote in a Financial Times op-ed this weekend. “One legacy of all this has been the nightmare scenario of the oil that flows through the Gulf being interdicted by an extended and destructive war,” he added. “The fear? That this will result in skyrocketing energy prices that send the world economy plummeting into a deep recession. Ever since the war in Iran began a week ago, Tehran has done everything it can to turn this into reality.”