![\"Fuel](\"https:\/\/static.toiimg.com\/thumb\/msid-129410732,imgsize-98978,width-400,resizemode-4\/untitled-design-11.jpg\" "\\"<p>Representative")
<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nOne of the world\u2019s largest oil refineries in the United Arab Emirates has been shut down as a precaution after a drone attack near the facility, as the Middle East conflict continues to disrupt global energy supplies.The shutdown comes amid mounting fears of a broader energy crisis, with the Paris-based International Energy Agency announcing an emergency meeting of member countries to assess supply risks and consider releasing strategic oil reserves.<\/p>\n A source cited by news agency AFP said that the massive Ruwais Refinery had halted operations \u201cout of precaution\u201d following the attack near the industrial complex in Abu Dhabi.Earlier, the Abu Dhabi Media Office said a drone strike caused a fire in the Ruwais Industrial City area, though officials did not confirm whether the refinery itself had been directly hit.State-owned oil giant Abu Dhabi National Oil Company (ADNOC) describes the Ruwais facility as the world\u2019s fourth-largest single-site refinery.A driver working at the industrial complex told AFP that workers were being evacuated when fresh explosions were heard.\u201cJust as we were about to leave, we saw two more bursts of fire rising from the complex, with loud sounds like explosions,\u201d the driver said, requesting anonymity.<\/p>\n The escalating attacks on Gulf energy infrastructure have raised alarms among global oil producers.Saudi Aramco chief executive Amin H. Nasser warned the conflict could have \u201ccatastrophic consequences\u201d for global energy markets.\u201cThe disruption has caused a severe chain reaction in not only shipping and insurance but there’s also a drastic domino effect on aviation, agriculture, automotive and other industries,\u201d Nasser said during a media briefing announcing Aramco\u2019s 2025 earnings, as reported by AFP.\u201cThere would be catastrophic consequences for the world\u2019s oil markets the longer the disruption goes on,\u201d he added.Nasser also called for the reopening of the Strait of Hormuz, a key maritime corridor that normally carries about 20 percent of the world\u2019s oil supplies but has been severely disrupted by the conflict.Iran has been accused of targeting energy facilities across the Gulf as it attempts to tighten control over the strategic waterway.<\/p>\n The war has already disrupted energy operations across the region.Iranian attacks have targeted Saudi oil infrastructure, including the massive Ras Tanura Refinery complex, one of the Middle East\u2019s largest refining hubs, forcing some operations to halt.Energy analysts warn the situation could create widespread economic fallout.\u201cThe Gulf energy sector is getting whacked from multiple angles,\u201d said Robert Mogielnicki, a non-resident scholar at the Arab Gulf States Institute, as quoted by AFP.\u201cEnergy facilities being targeted, export capability through the strait is hampered, and storage capacity filling up,\u201d he added.Iranian attacks have also forced QatarEnergy to halt production temporarily and declare force majeure on some exports, while energy producers in Kuwait have issued similar warnings.<\/p>\n Amid the growing turmoil, the International Energy Agency has called an extraordinary meeting of its member governments to review the global supply situation.IEA executive director Fatih Birol said the meeting would assess market conditions and consider releasing emergency oil reserves if necessary.\u201cIn oil markets, conditions have deteriorated in recent days,\u201d Birol said in a statement cited by AFP.\u201cIn addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market.\u201dHe added that the emergency meeting would help determine whether strategic oil stocks held by IEA countries should be released to stabilise markets.<\/p>\n The conflict has triggered sharp swings in global energy prices.Oil prices surged nearly 30 percent earlier this week amid fears of supply disruptions before falling again after US President Donald Trump suggested the war could end soon, AFP reported.Meanwhile, officials from the Group of Seven countries have also begun discussing whether strategic oil reserves should be released to stabilise global energy markets.French President Emmanuel Macron said the G7 would continue consultations this week on possible emergency measures to deal with the mounting energy crisis.<\/div>\n\nRuwais refinery halts operations after drone attack<\/h3>\n<\/p>\n
Aramco warns of \u2018catastrophic\u2019 impact on oil markets<\/h3>\n<\/p>\n
Energy sector under pressure across Gulf<\/h3>\n<\/p>\n
Global energy watchdog calls crisis talks<\/h3>\n<\/p>\n
Oil markets swing wildly amid war fears<\/h3>\n<\/p>\n