The largest oil refinery in the Middle East, located in the United Arab Emirates, was hit by Iranian drones, boosting fears of a rise in oil prices.

On Tuesday, a wave of Iranian drones breached Emirati air defenses, striking Abu Dhabi National Oil Company’s Ruwais refinery. The hit is one of the most significant targets struck by Iran since the beginning of the war, and could send out global shockwaves if the damage is significant enough.