Oil Prices Climb Higher After Drone Attacks on UAE Nuclear Plant

The global benchmark for Brent crude rose 1.85 percent on May 18 to $111,29 a barrel—its highest since May 5.

Pumpjacks operate while others stand idle in the Belridge oil field near McKittrick, Calif., on March 10, 2026. Mario Tama/Getty Images

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.