Crude Oil Prices Hit Record Highs after Yemeni Retaliatory Attacks on UAE

On Tuesday, Brent crude rose to $88.13 a barrel and US West Texas Intermediate (WTI) crude reached $85.74.

The latest developments came amid concerns about supplies from the oil-rich region after Yemeni forces intensified their attacks on the UAE, a member of the Saudi-led coalition waging a fatal war on Yemen.

“Reports of damage to fuel trucks and storage will concern oil market watchers,” AFP cited Torbjorn Soltvedt of risk intelligence company Verisk Maplecroft as saying.

The Yemeni army on Monday launched an operation deep inside the United Arab Emirates in retaliation for its role in the Saudi-led war on the impoverished country.

Abu Dhabi police said three fuel tanker trucks had exploded in the industrial Musaffah area, near the storage facilities of the Abu Dhabi National Oil Company (ADNOC), and that a fire had also broken out at a construction site at Abu Dhabi International Airport.

Spokesman for the Yemeni Armed Forces Brigadier General Yahya Saree confirmed the retaliatory attack and said Yemeni troops had launched the military operation “deep inside the UAE.”

The statement also warned foreign citizens and their companies, as well as other residents of the UAE to stay away from strategic sites and facilities for their own safety.