Oil prices rose after a drone attack on a nuclear power plant in the UAE.
Oil prices reached a two-week high following drone attacks on a nuclear power plant in the United Arab Emirates, highlighting growing tensions in the region. Amid uncertainty about peace talks with Iran, markets are reacting to the potential escalation of the conflict.
On Monday, Brent crude futures rose by $2.01, or 1.84%, reaching $111.27 per barrel, marking the highest level since May 5, although they did not reach the $112 mark. Meanwhile, U.S. West Texas Intermediate oil rose by $2.33, or 2.21%, reaching $107.75 per barrel, climbing to a level of $108.70, which had not been recorded since April 30.
Both contracts showed an increase of more than 7% over the past week. This occurs against the backdrop of a lack of progress in peace talks with Iran, which were supposed to halt attacks and ship seizures in the Strait of Hormuz area. The region remains an epicenter of tension, as a fire broke out near the Barakah nuclear power plant following drone attacks in the UAE’s capital, Abu Dhabi. The country’s authorities are investigating the incident and have stated their right to respond.
This situation has caused market concerns about a potential escalation of the conflict. US President Donald Trump continues to exert pressure on Tehran, stating limited time for Iran. Against this backdrop, experts warn of possible long-term consequences for global oil markets and the world economy.
| Oil Type | Price ($) | Change (%) |
|---|---|---|
| Brent | 111.27 | +1.84 |
| West Texas Intermediate | 107.75 | +2.21 |
