Oil Prices Today: Brent Crude Nears $111 after UAE power plant attack — Major shock coming?
Oil Prices Today (18 May): If you’ve been wondering why investors, fuel traders and policymakers suddenly look nervous again, crude oil may be the biggest reason. Crude oil could be the biggest reason for investors, fuel traders and policymakers to suddenly look nervous again.
So global oil prices are soaring once again, this time on the back of escalating concerns over escalating geopolitical tensions in the Middle East. With crude oil prices on Brent approaching $111 per barrel, there are growing fears that fuel costs and prices as well as inflation and transportation costs might once again be the big headaches for countries such as India.
The report of a strike at the UAE nuclear power plant further aggravates the problem. In addition to this, the reports also indicate that during the subsequent meetings, US President Donald Trump is also expected to discuss probable military action against Iran.
With India being a major crude importer, every sharp increase in the crude oil price leads to fuel prices, inflation, and a drop in the rupee.
Major global crude benchmarks were trading as follows in the latest session:
| Crude Benchmark | Price | Change | % Gain |
|---|---|---|---|
| WTI Crude | $107.7 per barrel | +2.32 | +2.20% |
| Brent Crude | $111.3 per barrel | +2.07 | +1.89% |
The latest gains followed a more than 7% surge in both crude benchmarks last week.
It can be argued that the oil rally is almost exclusively a product of Middle East supply concerns at present.
The US and Israel struck Iran early this year, resulting in a wave that affected the entire region and a counter-reaction in the form of tight control by Iran over the sensitive Strait of Hormuz, a crucial oil passage.
The strait alone accounts for 20% of the global energy demand, and any blockade would certainly cause a sharp increase in oil prices.
Fears about the ongoing efforts to smooth ship passage in the region continued to rattle markets.
The markets expect the price of crude oil will remain above the $100 mark for as long as there are any lingering doubts about the Strait of Hormuz.
The market took a hard hit after news broke that a nuclear power plant had been attacked in the UAE. It is too early to gauge the extent of this development; however, any conflict in the region that involves major oil-producing countries will always raise immediate concerns about possible supply disruptions.
Traders are also looking at upcoming US talks on military options relating to Iran, which could further weigh on crude prices this week.
However, if shipping disruptions are longer-lasting than anticipated, the volatility in oil prices could intensify.
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)
Priyanka Roshan is a business writer and chief sub-editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
With over 9.5 years of newsroom experience, Priyanka has worked with leading media organisations, including Moneycontrol, Times Now, and Ping Digital, covering diverse beats such as business, politics, technology, auto, travel, sports, and the world. From live breaking news desks to SEO-led digital storytelling, she specialises in creating engaging content that keeps readers informed without overwhelming them.
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