Oil Prices Surge After UAE Attack

An attack on an oil facility in the United Arab Emirates has pushed the price of Brent Crude to its highest level in years over fears of global energy disruption.

The attack occurred Monday on an Abu Dhabi National Oil Company (ADNOC) fuel depot in the Mussafah neighborhood of Abu Dhabi, according to Associated Press reports. Satellite images obtained by AP appeared to show smoke rising above the facility and scorch marks on the ground. Yemen’s Houthi rebels claimed responsibility for the attack, which was alleged to have been launched by drone.

In a statement about the attack, ADNOC confirmed that an “incident” had taken place that resulted in the deaths and injuries of several employees.

“ADNOC is deeply saddened to confirm that three colleagues have died,” writes the company. “A further six colleagues were injured and received immediate specialist medical care.”

The UAE Foreign Ministry described the incident “as a cowardly act to spread terrorism and chaos in the region in order to achieve its [the Houthi’s] illegal aims and objectives.” 

Brent crude - the international benchmark for oil prices - rose to trade at $87.51 a barrel, according to Reuters. In the US, meanwhile, West Texas Intermediate crude rose to $85.43 a barrel. Both benchmarks were at their highest levels in 7 years. The United Arab Emirates is one of the world’s top oil producers producing around 2.85 million barrels of oil per day.