Brent crude rises after reports of Fujairah fire

It has been another day of wild swings on the oil market, and the benchmark Brent crude oil price hit its highest levels of the day following reports of drone strikes in the UAE.

Brent passed $115 a barrel shortly after 17:00 BST after reports that the key oil port of Fujairah had come under attack, up more than 5% on the day.

Fujairah lies on the east coast of the UAE, beyond the Strait of Hormuz.

A pipeline from the oilfields of Abu Dhabi runs to Fujairah, allowing limited amounts of crude to be loaded on to tankers and shipped to world markets despite the strait being effectively blockaded.

Brent crude hit $114 earlier in the day after reports that Iran's military had hit a US destroyer. Prices fell back again when the US said its ships had not been hit.

-BBC