UAE Oil Inventories Hit Record Low at 6.982M Barrels on April 29; Brent Crude Surges to $115

According to S&P Global, oil inventories at the United Arab Emirates’ Fujairah storage hub collapsed to 6.982 million barrels on April 29, marking a 6.3% week-on-week decline and the fourth consecutive record low since the Iran-Israel conflict escalated. The storage center has plummeted approximately 66% from pre-conflict levels, according to Fujairah Oil Industry Zone data.

Concurrently, Brent crude surged to $115 per barrel, its highest level since June 2022, driven by escalating Iran-Israel tensions and concerns over potential disruptions to critical shipping lanes. Heavy distillates fell 14% to 3.058 million barrels, while light distillates dropped 2.7% to 2.680 million barrels, both hitting record lows.