Oil loading activities at the port of Fujairah in the UAE have recommenced after a drone strike and subsequent fire, as reported by media on Sunday.
The blaze at the significant oil bunkering center on Saturday had led to halting some activities, according to reports. Reuters and Bloomberg stated on Sunday, citing unnamed industry insiders and individuals aware of the situation, that operations have resumed.
A representative for Abu Dhabi’s state oil corporation, ADNOC, which functions in Fujairah, referred CNBC to the Fujairah Media Office, which has not yet replied to CNBC’s email inquiries for comment.
On Saturday, Iran threatened to strike the infrastructure of its neighbor, the United Arab Emirates, telling residents to evacuate three significant ports that Tehran claims are now “legitimate targets” due to their usage by the U.S. for attacks on Iran.
Mizan, the official news agency of Iran’s judiciary, asserted without evidence that U.S. forces are stationed in the civilian ports of Jebel Ali, Khalifa, and Fujairah in the UAE. The agency advised inhabitants in and near those ports to evacuate immediately, stating that the facilities “might be struck in the coming hours.”
On Friday, U.S. President Donald Trump announced that he had instructed the U.S. Central Command to conduct a bombing strike, targeting military positions on Iran’s Kharg Island for the first time.
Kharg Island has gained international attention as it is seen as one of Iran’s most critical economic assets. The terminal handles about 90% of the country’s crude oil exports and has a loading capacity of approximately 7 million barrels daily.
Experts suggest that any effort to attack or seize it would necessitate a ground troop operation, which the U.S. seems hesitant to pursue. Such an assault would also likely lead to a prolonged rise in already escalating oil prices.
On Friday, Brent crude oil futures finished above $100 per barrel for the second consecutive day, and the global oil standard has jumped over 40% since the onset of the conflict in Iran.
