Oil prices hit two-week high after UAE, Saudi Arabia report drone attacks
Why this matters: local context for readers following news across Pakistan and the region.
SINGAPORE – Oil prices surged on Monday to their highest levels in nearly two weeks as stalled US-Iran negotiations coincided with a recent attack on a nuclear facility in the United Arab Emirates. Brent crude futures rose $2.03, or 1.86%, to $111.29 per barrel by 02:20 GMT, briefly touching $112 earlier in the session—their highest since May 5. Meanwhile, U.S. West Texas Intermediate (WTI) crude climbed $2.31, or 2.19%, to $107.73 per barrel, having reached $108.70 earlier, its strongest price since April 30. The front-month June WTI contract is set to expire on Tuesday, adding attention to the market movements amid geopolitical tensions and stalled diplomacy. Oil prices reached two-week high on Monday as deadlock on US-Iran talks drags on amid attract on UAE nuclear power plant. Officials in the United Arab Emirates reported on Sunday that a drone strike sparked a fire at one of the country’s nuclear power facilities, prompting an investigation into the attack’s origin. UAE authorities emphasized their right to respond to what they described as a “terrorist act,” with a senior presidential adviser warning that the incident marked a significant escalation, regardless of whether it was carried out directly or via proxies. The UAE Defense Ministry confirmed that two additional drones were intercepted and neutralized, noting that the attack appeared to have originated from the nation’s western border, though further details were not disclosed. Meanwhile, Saudi Arabia stated that it had intercepted three drones approaching from Iraqi airspace, asserting its readiness to take necessary measures to protect its sovereignty and security. This development comes amid ongoing tensions in the region, as drone incursions from Iraq have previously targeted Gulf nations, including Saudi Arabia and Kuwait, despite a ceasefire that largely reduced hostilities following the recent conflict involving Iran. U.S. President Donald Trump also weighed in, urging Iran to act qu