Oil prices climbed to two-week highs as efforts to resolve regional conflict stalled following a drone attack on the Barakah nuclear power plant in the United Arab Emirates and drone interceptions over Saudi Arabia, Reuters reported.
Brent crude futures rose $2.01, or 1.84 percent, to $111.27 a barrel, after touching a peak of $112, marking its highest level since May 5. US West Texas Intermediate (WTI) crude increased $2.33, or 2.21 percent, to $107.75 a barrel, after reaching an intraday peak of $108.70, its highest since April 30. Both contracts gained more than 7 percent during the preceding week amid ongoing disruptions and ship seizures in the Strait of Hormuz.
According to the report, diplomatic discussions between US President Donald Trump and Chinese President Xi Jinping ended without an indication that China, the world's top crude importer, would intervene to resolve the conflict. Meanwhile, Axios reported that Trump was scheduled to meet national security advisers to assess military options regarding Iran.
Emirati authorities reported they were investigating the origin of the strike on the Barakah nuclear power facility, reiterating the UAE's right to respond to terrorist attacks. Concurrently, Saudi Arabian forces intercepted three drones entering from Iraqi airspace, with Riyadh warning that necessary operational measures would be taken to protect national sovereignty.
Sources
- EnergyNow.com · 2026-10-07
