Oil Hits $115 as Iran Strikes UAE Port and Engages with US CENTCOM

Key Facts

1Brent crude ended the week at $109, its highest point since March 16, amid escalating geopolitical tensions.

2President Trump is reviewing three military options: limited strikes, seizing enriched uranium, or taking control of the Strait of Hormuz.

Oil prices surged to a yearly high of $115 per barrel before retreating to test critical technical support at $104 for WTI crude. This volatility follows direct engagements between US CENTCOM and Iranian forces after strikes on the Fujairah petroleum complex, though market tensions are showing signs of easing. Traders are now reacting to reports that the US is successfully loosening Iranian-imposed restrictions on shipping through the Strait of Hormuz, potentially restoring flow to global markets. Meanwhile, natural gas prices have declined due to higher-than-expected storage injections, providing a buffer against broader energy risks. As President Trump prepares for his trip to China, analysts suggest that while technical selling persists, the primary focus remains on diplomatic efforts to secure vital maritime corridors.

30 days ago

Version History

2 additional sources confirmed this story

Version 2130 days ago

What changed: Updated the story to reflect signs of the US loosening Iranian-imposed shipping restrictions in the Strait of Hormuz, leading to a cooling of supply concerns.

Version 2030 days ago

What changed: Added specific technical support levels for WTI at $104 and introduced bearish supply data for natural gas regarding storage injections.

Version 1930 days ago

What changed: Updated oil prices to reflect a new yearly high of $115 and a minor technical retracement, while adding context regarding President Trump's upcoming visit to China.

Version 1830 days ago

What changed: The story was updated to include the extension of price surges to natural gas and the market's shift toward pricing in long-term supply disruptions.

Version 17about 1 month ago

What changed: Prices declined on Tuesday as traders moved toward profit-taking and risk assessment following the initial shock of the attacks.

Version 16about 1 month ago

What changed: U.S. crude prices saw a slight 1% pullback in early Asian trading as the market began to digest the specific nature of the damage at the UAE port and the Strait of Hormuz attacks.

Version 15about 1 month ago

What changed: The story was updated to include the sharp decline in global stock markets as a direct response to surging oil prices and escalating military tensions.

Version 14about 1 month ago

What changed: Identified the Fujairah petroleum complex as the specific target of the Iranian strikes instead of a general port area.

Version 13about 1 month ago

What changed: Added warnings regarding the long-term economic impact and the increasing likelihood of a crisis in developed economies due to the persistent blockade of the Strait of Hormuz.

Version 12about 1 month ago

What changed: Updated to include details of Iranian missile attacks on the UAE, a drone strike at the Fujairah oil hub, and specific price surges for Brent and WTI benchmarks.

Version 11about 1 month ago

What changed: Updated the story to include reports of a direct military engagement between Iran and the U.S. Navy, alongside a decision by OPEC+ to raise production.

Version 10about 1 month ago

What changed: The story was updated to reflect the physical closure of the Strait of Hormuz to Gulf tankers and reports of potential U.S. export restrictions.

Version 9about 1 month ago

What changed: The story was updated to confirm the actual commencement of the U.S. military operation on Monday and to reflect the sideways price action in oil markets.

Version 8about 1 month ago

What changed: Added Moody’s Analytics assessment regarding the risk of a global recession if Brent crude reaches $125 per barrel.

Version 7about 1 month ago

What changed: Added warnings from ANZ analysts regarding a 1-million-barrel supply deficit and unrealistic market assumptions about the speed of supply recovery.

Version 6about 1 month ago

What changed: Updated the story to include the launch of 'Project Freedom', specific WTI price levels, and the confirmed OPEC+ production increase.

Version 5about 1 month ago

What changed: Updated the story to reflect the stabilization of oil prices during the European session following initial volatility.

Version 4about 1 month ago

What changed: Updated to reflect choppy price action on Monday and Trump's specific use of the term 'freeing' regarding stranded ships.

Version 3about 1 month ago

What changed: The narrative shifted from escalating military tension to a specific U.S. intervention to restore shipping flow, causing a price drop.

Version 2about 1 month ago

What changed: Updated the story with new Kpler data showing record U.S. exports and a shift in Asian buying patterns toward the U.S. Gulf Coast.

Version 1about 1 month ago

What changed: Updated the story to include expectations of a third OPEC+ production quota hike aimed at countering conflict-driven supply disruptions.