Commodities
Fujairah Oil Loadings Resume After Drone Attack Amid Global Market Concerns
The Port of Fujairah has resumed oil loadings after a drone attack and fire on Saturday, but operations are unclear whether they have returned to normal.
An Indian-flagged vessel loaded with 80,800 tonnes of UAE's Murban oil set sail for India from the port on Sunday.
The US-Iran war has already cut Middle Eastern oil production by over seven million barrels per day, or seven percent of global supply. Disruptions at Fujairah might force OPEC's third-largest crude producer to shut down more production after cutting output at its offshore fields.