Oil prices have eased slightly, but Brent crude remains above $100 a barrel—the highest level since July 2022—as supply risks in the Middle East stay elevated following a second attack in three days on Fujairah, a key UAE port just outside the Strait of Hormuz. Loadings at the port were suspended while damage from the latest strike is assessed. The incident followed a drone attack on Saturday that disrupted shipments along the country’s main export route.
The US also said it had struck military targets on Iran’s Kharg Island, a major oil export hub, although Iranian media reported that shipments were continuing. President Donald Trump stated that the US is pressing other countries to help defend the Strait of Hormuz, where shipping traffic has slowed sharply since the conflict began.
Some vessels have begun attempting the passage as global authorities work to stabilize supply. The International Energy Agency is coordinating a record 400 million–barrel release from emergency reserves, while traders wait for clearer evidence of actual supply disruptions.
