Oil loading operations resume at UAE’s Fujairah: edia reports

Oil loading operations have resumed at the United Arab Emirates’ port of Fujairah following a drone strike and fire, media reports said on Sunday.

A fire at a major oil bunker hub on Saturday resulted in the suspension of some operations, reports said. Reuters and Bloomberg reported on Sunday, citing unnamed industry sources and people familiar with the situation, that operations had resumed.

A spokesman for Abu Dhabi’s state oil giant, ADNOC, which operates in Fujairah, directed CNBC to the Fujairah media office, which did not immediately respond to CNBC’s email requests for comment.

Iran on Saturday threatened to attack the infrastructure of its neighbor the United Arab Emirates, urging people to evacuate three major ports that Tehran now claims are “legitimate targets” because they have been used by the US to attack Iran.

Iran’s official Judiciary News Agency Mizan claimed, without providing evidence, that US forces were stationed in the UAE’s civilian ports of Jebel Ali, Khalifa and Fujairah. The news agency urged the immediate evacuation of residents in and around those ports, saying the facilities “may be targeted in the coming hours.”

On Friday, US President Donald Trump said he had directed US Central Command to carry out the bombing, the first to hit military targets on Iran’s Kharg Island.

Kharg Island has been thrust into the global spotlight as it is considered one of Iran’s most sensitive economic targets. The terminal handles about 90% of the country’s crude exports and has a loading capacity of approximately 7 million barrels per day.

Analysts say any attempt to invade or capture it would require a ground troop operation, which the US is reluctant to undertake. The attack will prompt continued increases to already rising oil prices.

On Friday, Brent crude futures closed above $100 per barrel for the second straight day and the global oil benchmark is up more than 40% since the war in Iran began.