 Oil Shock: Brent Breaks $114 Amid Iranian Strikes on UAE Port The oil market has entered a storm zone. What began as a fragile truce between the US and Iran has today turned into a direct military confrontation in the Persian Gulf. What happened in the last hours: - Iran struck a UAE port — the four-week ceasefire with the US is effectively shattered. Brent instantly surged to $114 per barrel. - The UAE officially exits OAPEC (Organization of Arab Petroleum Exporting Countries) — following its exit from OPEC. The Emirates demonstrate full independence in oil policy. - The UK warns of mass summer flight cancellations — the jet fuel shortage in Europe is becoming critical. What this means for the market: — Risk of supply disruptions from the Persian Gulf region — up to 20% of global oil transit through the Strait of Hormuz is in question. — The UAE as an independent player may increase production outside OPEC+ quotas, adding pressure on the cartel. — Meanwhile, Equinor allocates $1.8 billion for new wells in Norway — the northern shelf becomes insurance against Middle Eastern risks. If escalation continues — Brent above $120 is a matter of days. Europe enters the summer season with maximum fuel vulnerability in the last 5 years. I am monitoring the situation in real time.