Crude oil prices advanced as the Israeli-American conflict with Iran continued to disrupt production and transportation across the Middle East. The market remained under pressure even after U.S. President Donald Trump called for a broader international effort to protect the Strait of Hormuz, one of the world’s most important oil transit routes.
By late morning in London, Brent crude futures had risen by $1.34, or 1.3%, reaching $104.51 per barrel. U.S. West Texas Intermediate crude was holding near $98.70 per barrel, showing little overall movement but remaining at elevated levels.
Tensions increased further after oil loading operations were suspended at the port of Fujairah in the United Arab Emirates. According to sources, the halt followed a drone attack that caused a fire in the emirate’s oil industrial zone. Fujairah is a critical export hub located outside the Strait of Hormuz and serves as the outlet for around 1 million barrels per day of Murban crude, the UAE’s flagship grade. That volume represents roughly 1% of total global oil demand, making any disruption there significant for international markets.
At the same time, Trump said the United States had asked other countries to help secure the shipping route and that Washington was in discussions with several nations to strengthen protection in the area.
To ease the impact of rising prices, the International Energy Agency said that more than 400 million barrels from emergency oil reserves would soon be released into the market. This would be the largest coordinated drawdown on record in response to the supply shock caused by the conflict.
According to the agency, reserves held in Asia and Oceania will be released immediately, while barrels from Europe and the Americas are expected to become available by the end of March.
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