Fujairah Suspends Oil Loadings After Another Attack

Fujairah, the UAE’s key oil export port, suspended oil loadings on Monday after another attack on the only UAE port located outside the Strait of Hormuz. The escalating conflict spreading to the entire energy infrastructure in the Middle East sent oil prices 3% higher early on Monday, with the U.S. benchmark WTI Crude topping $100 per barrel and Brent Crude above $106 per barrel. “The port is outside the Strait of Hormuz, so any disruption to oil loadings would lead to further market tightening,” ING's commodities strategists…