Drone Strike on Egyptian Port Sends Oil Prices Soaring Amidst Escalating Mideast Tensions

A drone struck a U.S.-owned gas storage tanker at Egypt's Mediterranean port of Damietta, causing a fire that spread to another vessel. The incident occurred on July 29, amidst escalating tensions in the Middle East. The petroleum ministry confirmed a fire at the port but did not mention a drone attack.

According to British maritime security firm Ambrey, the Energos Winter floating storage tanker was hit by the drone, causing a fire that was quickly extinguished with no casualties reported. Trump vowed to retaliate against Iran for an overnight attack, saying 'So it's our turn.'

Oil prices shot up on Wednesday in one of the sharpest spikes of the five-month war, with Brent crude futures rising over 8% to push above $90 a barrel.