Oil Rises 1.62% to $111 After UAE Nuclear Plant Drone Attack on Sunday

According to reports on May 18, oil prices climbed on Sunday following a drone attack on the UAE’s Barakah nuclear power plant. Brent crude futures rose 1.62 percent to $111.03 a barrel, while US West Texas Intermediate gained 2.01 percent to $107.54 a barrel. The UAE said a generator outside the plant’s inner perimeter caught fire after the strike originated from the western border. The UAE foreign ministry called the attack a “dangerous escalation and unacceptable act of aggression,” while its nuclear regulator confirmed the facility’s safety remained unaffected.