Oil price at 2-week high as drone attack on UAE nuclear power plant hits
Oil prices continued to rise on Monday as efforts to end a war with Iran appeared to have stalled after a nuclear power plant in the United Arab Emirates was attacked.
Brent crude futures rose 1.51% to $110.91 a barrel, while U.S. crude stood at $107.42 a barrel, or 1.9% higher.
Last week's talks between Trump and Chinese President Xi Jinping ended without an indication from the world's largest oil importer that it would help resolve the conflict sparked by US-Israeli attacks on Iran. Drone strikes on the United Arab Emirates and Saudi Arabia, as well as rhetoric from the United States and Iran, have raised concerns about an escalation of the conflict.
United Arab Emirates officials said they were investigating the source of the attack on the Barakah nuclear plant, adding that they had the full right to respond to "such terrorist attacks." Saudi Arabia, which intercepted three drones that entered Iraqi airspace, warned that it would take the necessary operational measures to respond to any attempt to violate its sovereignty and security.
Trump is expected to meet with top national security advisers on Tuesday to discuss options for military action regarding Iran, Axios reported.
In a move that could support oil prices, the Trump administration on Saturday allowed a waiver from sanctions it had previously imposed on countries, including India, to buy Russian oil shipped by sea to expire, after a one-month extension.
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