Oil prices jump after reports of UAE intercepting missiles

Global oil prices accelerated growth following echoes of UAE reports about intercepting missiles, as Brent crude price rises by 5.5% exceeding the level of $114 per barrel, according to trading data.

As of 18:23, Brent crude futures for July delivery rose by 5.47% compared to the previous close, reaching $114.1 per barrel, while West Texas Intermediate (WTI) crude futures for June delivery rose by 3.46% to $105.47 per barrel.

UAE Energy Minister: We will continue to work with OPEC members. Earlier, the UAE Ministry of Defense announced that the country's air defense forces intercepted 4 missiles over its territorial waters, while a fourth missile fell into the sea.