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(Bloomberg) — Oil-loading operations at a key port in the United Arab Emirates resumed after a drone strike and fire on Saturday forced a halt to exports.
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Operations at Fujairah — which sits outside the Strait of Hormuz — have restarted, according to people familiar with the situation, who can’t be identified as they are not authorized to comment. Calls to the port, as well as state-owned Abu Dhabi National Oil Co., were not answered. Bloomberg News reported earlier that the blaze had been extinguished.
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Fujairah sits at the end of a pipeline allowing the UAE to bypass the Strait of Hormuz, the world’s most important oil choke point that has been all-but-closed because of the war between the US, Israel and Iran. A drone was intercepted Saturday and falling debris caused the fire, Fujairah’s media office said.
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The port’s suspension highlights elevated risks to regional supplies from the conflict, which lifted crude futures far above $100 a barrel last week to the highest level since 2022. The Paris-based International Energy Agency has warned that the conflict has triggered unprecedented disruption to oil flows, and highlighted the importance of reopening the Strait of Hormuz.
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Positioned between the Gulf of Oman and Hajar Mountains, Fujairah is the main export terminal for the UAE’s Murban crude, piped from Abu Dhabi’s production areas. Adnoc’s facility stores over 70 million barrels of fuels for traders needing rapid supply access, while the port also serves as a ship refueling hub.
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—With assistance from Yongchang Chin.
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(Updates with context, prices in fourth paragraph)
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