Some crude oil transshipment operations have been suspended in the United Arab Emirates' emirate of Fujairah, a major bunkering hub and crude export terminal. This is the place of outflow of approximately 1 million barrels of crude oil, i.e. approximately 159 million liters of raw material.
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A blow to the oil trade. Drones over Fujairah
Reuters reports that the drone strike on Fujairah came hours after the United States struck military targets at Iran's oil export terminal on Kharg Island, and the Iran Revolutionary Guard (IRGC) responded that U.S. interests in the United Arab Emirates — including ports, docks and military facilities — were legitimate targets.
Fujairah, located on the outskirts of the Strait of Hormuz, is the site of the outflow of approximately 1 million barrels of crude oil. from the Murban region originating from the United Arab Emirates per day, which is a volume equivalent to approximately 1%. global demand. This port is there the only major window to the world for oil from the UAE, which allows it to bypass the Strait of Hormuz.
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A witness in Fujairah cited by Reuters saw two separate columns of smoke rising from the terminal. “The IRGC is sending a signal that there is no safe haven in this rapidly evolving conflict” – said Helima Croft, an analyst at RBC Capital, quoted by the agency. “The fact that this occurred a few hours after the US attack on Kharg Island also signals that Tehran will not allow Washington to control the conditions of escalation and impose dominance.”
The International Energy Agency reported earlier this week that the world is facing the worst oil supply crisis in history due to the closure of the Strait of Hormuza canal along the Iranian coast, since the US and Israel launched airstrikes on Iran on February 28. The UAE, one of the oil producers, was forced to limit production.
Iran threatens ports in the United Arab Emirates
Iran threatened additional ports in the United Arab Emirates on Saturdaywarning residents to leave areas near Dubai's Jebel Ali Port, Abu Dhabi's Khalifa Port, and Fujairah, Iranian news agencies reported, quoted by Reuters.
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The emirate's press office reported that the fire in Fujairah broke out after debris fell while intercepting a drone. There are no reports of any injuries. Civil defense forces are dealing with the incident to bring the fire under control, it added.
