International oil prices climbed on Monday following reports of missile and drone attacks from Iran targeting the United Arab Emirates, alongside conflicting accounts regarding an alleged assault on a U.S. warship in the Strait of Hormuz. These developments have heightened uncertainty in the Middle East, driving crude benchmarks higher. Data showed that the June delivery light crude futures contract on the New York Mercantile Exchange rose by $4.48 to settle at $106.42 per barrel, marking a gain of 4.39%. The July delivery Brent crude futures on the London market advanced by $6.27 to close at $114.44 per barrel, up 5.8%.
The UAE Ministry of Defense stated that its air defense systems intercepted missiles and drones launched from Iran, with explosions heard across several regions resulting from the defensive actions. Earlier, Iranian state media reported that a U.S. naval vessel attempting to transit the Strait of Hormuz had been struck by a missile, sparking market anxiety. However, the U.S. Central Command later denied the report, clarifying that no American warship had been attacked, which moderated the oil price gains.
U.S. President Donald Trump noted that Iran had indeed fired upon vessels from other nations, including a South Korean cargo ship, but emphasized that no major damage had occurred. The UAE further disclosed that a tanker owned by the Abu Dhabi National Oil Company had been targeted by a drone attack while passing through the Strait of Hormuz, condemning the incident strongly.
As one of the world’s most critical energy transit routes, the security situation in the Strait of Hormuz directly impacts global oil supply expectations. President Trump previously announced that the United States would launch an escort initiative named "Operation Freedom" to provide safe passage for commercial vessels navigating the troubled waterway. In response, Iran issued a stern warning, stating it would take action against any foreign military forces approaching or entering the strait, particularly those from the United States.
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