Global oil prices surged on Monday, May 18, following weekend drone attacks in the UAE and Saudi Arabia. One strike caused a fire at a generator outside the UAE’s Barakah nuclear power plant. While no group claimed responsibility, the incidents occurred amid escalating tensions between the U.S., Iran, and their regional allies.
Brent crude futures climbed over 2% during Monday trading. Prices for the benchmark exceeded $111 per barrel. West Texas Intermediate (WTI) crude rose above $107 per barrel. Both benchmarks reached their highest price levels in nearly two weeks.
The spike reflects heightened security concerns regarding shipping routes near the Strait of Hormuz. Analysts warned that further escalation could trigger significant supply shortages in a tight global market.