Oil prices seesawed on Monday after a drone strike targeted the Barakah nuclear power plant in the United Arab Emirates over the weekend, pushing Brent crude to its highest levels in weeks before renewed signs of US-Iran diplomacy briefly erased much of the rally.
Details: International benchmark Brent crude futures opened above $111 per barrel on Monday after ending last week at $109.47 as traders reacted to Sunday’s attack on the UAE’s Barakah nuclear facility.
The UAE said Sunday that a drone struck an electrical generator outside the inner perimeter of the Barakah plant in Abu Dhabi’s Al Dhafra region, while Emirati forces intercepted two other drones approaching from the direction of the country’s western border. Authorities said the fire was contained, no injuries were reported and there was no impact on radiological safety levels or plant operations.
Still, the incident marked the first confirmed strike on the UAE’s nuclear facility since the war erupted on Feb. 28, fueling fresh concerns about the vulnerability of critical civilian infrastructure across the region. People familiar with the matter told the Wall Street Journal that the UAE suspects Iran was behind the attack, though no group immediately claimed responsibility.
AL-MONITOR All-Access gives you unlimited access to all our journalism, the full Daily Briefing, exclusive interviews, premium newsletters, and live events — for less than $2/week.