Middle East Energy Infrastructure Faces New Attacks, Raising Oil Supply Concerns

Energy infrastructure in countries neighboring Iran has been hit by a new wave of attacks. According to Ming Pao, a fire broke out at the Shah large natural gas field in the UAE, operated by a joint venture between the U.S. Occidental Petroleum Corporation and Abu Dhabi National Oil Company. Operations at the gas field have been suspended as authorities assess the damage. Additionally, the Fujairah industrial area, a key oil hub in the UAE, was targeted by drone attacks. In Iraq, the Majnoon oil field in the south and an oil tanker near the Strait of Hormuz were also attacked. These incidents have heightened concerns about disruptions to crude oil supply. As a result, Brent crude oil prices remained at $102 per barrel last night, having closed above $100 for three consecutive days.