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Oil prices climbed sharply during early Asian trading on Monday as geopolitical tensions in the Middle East intensified following a drone strike near the UAE’s Barakah nuclear power plant. The incident has heightened concerns over global oil supply disruptions and increased fears of a wider regional conflict involving Iran, the United States, and Israel.
Brent crude futures for July delivery jumped 1.3%, reaching $110.71 per barrel by 19:42 ET (23:42 GMT). The rise in crude oil prices comes amid growing uncertainty surrounding the ongoing Iran conflict and the continued closure of the Strait of Hormuz, a critical route for global energy shipments.
Reports indicated that Iran and allied proxy groups were likely behind the drone attack that triggered a fire near the UAE nuclear facility on Sunday. The strike followed earlier missile and drone attacks launched by Iran against the UAE this month, further escalating military tensions across the Gulf region.
U.S. President Donald Trump intensified pressure on Tehran by warning that the “clock is ticking” for Iran to agree to a diplomatic deal. Meanwhile, sources revealed that the U.S. and Israel are actively discussing additional military operations targeting Iran, raising fears of broader instability in the Middle East oil market.
The Strait of Hormuz has remained effectively closed since late February after Iran blocked the strategic waterway. The disruption has severely impacted oil shipments to Asia, supporting higher crude prices as supply concerns continue to dominate the market.
Efforts to ease tensions through diplomacy have shown little progress. A recent U.S.-China summit produced no major breakthroughs regarding the Iran crisis, while ceasefire negotiations between Washington and Tehran remain stalled.
Analysts expect oil market volatility to remain elevated as investors closely monitor developments surrounding the Iran war, Middle East security risks, and global energy supply chains.
