Brent and WTI crude prices surge on escalating Middle East tensions and attacks on UAE nuclear facilities ahead of US policy meetings.
Oil prices climbed on 18 May as geopolitical risks in the Middle East intensified, with Brent crude futures rising $0.57 to $109.83 a barrel. Earlier, prices peaked at $112, the highest since 5 May, driven by an attack on the UAE’s Barakah nuclear facility and stalled Iran conflict negotiations.
The rally follows last week’s 7% gain, fueled by diminishing prospects for resolving tensions in the Strait of Hormuz. US West Texas Intermediate crude also advanced, reaching $106.21 after hitting a high of $108.70, its strongest level since 30 April. Markets await US President Donald Trump’s upcoming meetings on military options.
Emirati authorities labeled the attack a “terrorist” act and reserved the right to respond, while Saudi Arabia faced additional drone strikes. Sharp rhetoric from Washington and Tehran further stoked supply disruption fears.