The Middle East war’s most recent economic developments on Monday are as follows:
With investors concentrating on the Strait of Hormuz, the Gulf waterway through which a fifth of the world’s crude oil passes, where transportation has been severely hampered by the war, worldwide markets largely increased as oil prices declined.
West Texas Intermediate, the primary US contract, plummeted 5.3% to $93.50, while international benchmark Brent North Sea crude fell 2.8% to $100.21.
A drone strike caused a fire at a major oil field in the United Arab Emirates, authorities said, as Iran continued its drone and missile strikes across the Gulf.
The Shah oil field, located 230 kilometres (143 miles) south of Abu Dhabi city, has a production capacity of approximately 70,000 barrels of crude oil per day, according to the UAE’s state-owned energy giant ADNOC.
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