Oil Prices Surge in Wake of Abu Dhabi Attack

Crude at highest price since 2014

Satellite photos were released Tuesday to show the aftermath of the Houthi attack on Abu Dhabi’s oil facility. There were scorch marks from the fire, but UAE officials said the damage was fairly limited.

Supply fears after the attack, the first in UAE during the Yemen War, saw oil prices surge to their highest levels since 2014. NYMEX WTI Crude closed at $85.43 a barrel.

Analysts fear more Houthi attacks on UAE oil sites could lead to steady price increases, predicting over $100 per barrel by 2023. This coupled the attack with lower than average stockpiles.

UAE attacks on Yemen are made riskier by this, as they have a lot to lose if these attacks become more common.

Author: Jason Ditz

Jason Ditz is senior editor of Antiwar.com.