Oil went into disarray after the Iranian attack on the refinery in the UAE

Oil quotes rose sharply on the evening of April 4 — after an Iranian drone attacked a refinery in Fujairah in the UAE and a fire started at the plant.

"A large fire is raging in the Fujairah oil industry zone after an Iranian drone strike on one of the most important energy centers of the Persian Gulf," Bloomberg reports.

A new round of confrontation in the Middle East instantly received a market reaction. The cost of benchmark Brent crude jumped from $ 109 to $ 119 per barrel.

Fujairah remains the last terminal of the UAE, from which the export of oil and petroleum products continues. It is located on the east coast of the country and does not depend on the Strait of Hormuz.

As EADaily reported, for almost 50 days world oil has been trading at more than $ 100 per barrel, and strategic reserves of raw materials in the United States have rolled back a year ago. Further stoppage of the Strait of Hormuz will increasingly hit the remaining stocks and prices. However, there is no way out yet, as the Iranian war has reached an impasse.

"We have reached the point in the war when neither side has good cards in their hands, and both think they can wait out the other, which would seem to be a manageable impasse if it weren't for the fact that the oil market is losing approximately 10 million barrels of supply every day," the co—founder wrote in X Arnold Ventures by John Arnold.