Brent Crude Surges Over 5% as Iranian Drones Hit UAE Oil Hub

Brent crude prices soared over 5% on Monday, surpassing $120 a barrel, following Iranian drone strikes on the Fujairah Oil Industry Zone, the UAE's primary oil export hub outside the Strait of Hormuz. According to BeInCrypto, the UAE Ministry of Defence intercepted three of four Iranian cruise missiles, with the fourth falling into the sea. The incident led to the diversion of two passenger flights to Dubai and heightened alerts across the Emirates. Meanwhile, the 10-year U.S. Treasury yield rose to 4.46%, a nine-month high, as traders anticipate inflation pressures from escalating energy costs.