Gas Hits $4.48 as Oil Nears 4-Year High

On Monday, Brent settled above $114 a barrel, marking its highest settlement in nearly four years, Marketwatch reports. West Texas Intermediate rose 4.4% to $106.42.

The sharp gains followed reports of Iranian drone strikes that sparked a fire at an oil facility in Fujairah, a critical UAE export hub strategically used to bypass the Strait of Hormuz.

Hormuz, a vital shipping corridor for the shipment of 20% of the world’s daily consumption of oil, has remained largely closed to commercial traffic since early March.

In a further sign of intensifying tensions, the UAE issued a missile-threat alert for the first time since a U.S.-Iran cease-fire agreement in early April.