Oil prices hit two-week high after UAE nuclear power plant hit by drone attack

Brent crude oil futures (LCOc1) rose by $1.44, or 1.32%, to $110.70 per barrel, having earlier touched their highest level since May 5. US crude oil climbed $1.84, or 1.75%, to $107.26 per barrel, after earlier reaching its highest level since May 4. As hopes for a peace agreement to end ship attacks and seizures near the Strait of Hormuz faded, both major crude oil contracts jumped over 7% last week. Drone attacks on the United Arab Emirates and Saudi Arabia, along with strong statements from both the US and Iran, have intensified concerns about escalating conflict.