By Reuters and published by The Star
SINGAPORE: Oil prices extended gains on Monday (May 18) as efforts to end the US-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as US President Donald Trump is expected to discuss military options on Iran.
Brent crude futures climbed $1.44, or 1.32%, to $110.70 a barrel by 2337 GMT (6.37 a.m. Thailand time) after touching the highest since May 5 earlier in the session.
US West Texas Intermediate was at $107.26 a barrel, up $1.84, or 1.75%, following a rise to its highest level since May 4.
Both contracts gained more than 7% last week as hopes of a peace deal that would end ship attacks and seizures around the Strait of Hormuz dimmed. Last week’s talks between Trump and Chinese President Xi Jinping ended without an indication from the world’s top oil importer that it would help resolve the conflict.
Drone attacks on the UAE and Saudi Arabia and rhetoric from the US and Iran raised concerns of an escalation in the conflict.
Emirati officials said they were investigating the source of the strike on the Barakah nuclear power plant and that the UAE had the full right to respond to such “terrorist attacks.”
Saudi Arabia, which intercepted three drones that entered from Iraqi airspace, warned it would take the necessary operational measures to respond to any attempt to violate its sovereignty and security.
“These drone strikes are a pointed warning – renewed US or Israeli strikes on Iran could trigger more proxy attacks on Gulf energy and critical infrastructure by Iran or its regional proxies,” IG market analyst Tony Sycamore said.
Trump is expected to meet top national security advisers on Tuesday to discuss options for military action regarding Iran, Axios reported.
CAPTIONS:
Top – A drone view of a pump jack and drilling rig south of Midland, Texas, US, on June 11, 2025. File photo: Reuters/Eli Hartman and published by CNA
Front Page – An oil tanker sits at anchor in the Strait of Hormuz off Bandar Abbas, Iran, on Saturday, May 2, 2026. Photo – Amirhosein Khorgooi/ISNA via AP and published by CNA
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