Oil Nears $120 After Iran Blamed for UAE Tanker Drone Strike

Oil prices surged close to $120 a barrel on Monday following a drone strike on a UAE oil tanker in the Strait of Hormuz, according to BeInCrypto. The Abu Dhabi National Oil Company tanker Barakah was hit by two drones, with the UAE accusing Iran's Islamic Revolutionary Guard Corps of the attack. The incident has effectively closed the strait to commercial traffic for the second time this spring. Brent crude reached an intra-day high of $120.363 before investors began profit-taking. The UAE has called the strike a 'terrorist attack' and demanded Iran cease hostilities and reopen the strait to global shipping.