Brent Breaks $111 as Oil Markets Brace for Shortages
Brent crude rose as drone attacks in the Gulf raised fears of supply disruptions and kept traders focused on stalled U.S.-Iran talks.
- On Monday, oil prices climbed as drone attacks on the UAE and Saudi Arabia dimmed hopes for regional de-escalation, pushing Brent crude above $110 per barrel in early Asian trading.
- Amid stalled U.S.-Iran negotiations over Tehran's nuclear program, President Donald Trump recently demanded Iran act "FAST, or there won't be anything left of them."
- A drone strike triggered a fire near the UAE's Barakah nuclear power plant, while Saudi Arabia intercepted three drones from Iraqi airspace, with Brent rising 2.03% to $111.50 per barrel.
- The International Atomic Energy Agency called for "maximum military restraint" around nuclear sites, while Iranian foreign ministry spokesperson Esmaeil Baqaei accused the U.S. and Israel of "unprovoked military aggression."
- Analysts at Aberdeen warn Brent crude could reach $180 if traffic through the Strait of Hormuz remains constrained, as Trump prepares to meet national security advisors in the Situation Room on Tuesday.
15 Articles
15 Articles
Oil Prices Climb Higher After Drone Attacks on UAE Nuclear Plant
Oil prices jumped on May 18 after a drone strike near the United Arab Emirates’ nuclear power plant, as President Donald Trump warned Iran that “the clock is ticking” for progress in the U.S.-Iran peace. The global benchmark for Brent crude rose 1.85 percent on May 18 to $111.29 a barrel, its highest since May 5, when it traded above $109 per barrel in intraday trading. Meanwhile, U.S. West Texas Intermediate crude rose above $107 a barrel, gai…
According to media reports, the US and Israel are preparing for a resumption of their attacks in Iran. Trump urges the Mullah regime to reach an agreement and threatens to be destroyed. Meanwhile, oil prices continue to rise after a drone attack on a nuclear power plant in the Emirates.
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