Oil surges as Strait of Hormuz tensions escalate after UAE drone strike

Oil surges as Strait of Hormuz tensions escalate after UAE drone strike Oil prices have jumped sharply as tensions around the Strait of Hormuz intensify following a reported drone strike on an energy facility in the United Arab Emirates. Brent crude rose more than 5 percent, reaching $113.78 a barrel by 1535 GMT, while US benchmark West Texas Intermediate climbed 3.1 percent to $105.11.

Oil prices have jumped sharply as tensions around the Strait of Hormuz intensify following a reported drone strike on an energy facility in the United Arab Emirates.

Brent crude rose more than 5 percent, reaching $113.78 a barrel by 1535 GMT, while US benchmark West Texas Intermediate climbed 3.1 percent to $105.11.