Business

Oil hits 2-week high following drone strike on UAE nuclear power facility

Published

21 hours ago

May 18, 2026

Bilal

Oil prices extended gains on Monday as efforts to end the U.S.-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. President Donald Trump is expected to discuss military options on Iran.

Brent crude futures climbed $2.03, or 1.86%, to $111.29 a barrel by 0220 GMT, after touching $112 earlier, the highest since May 5.

U.S. West ⁠Texas Intermediate crude was at $107.73 a barrel, up $2.31, or 2.19%, following a rise to $108.70, its highest level since April 30. The front-month June contract expires on Tuesday.

Both contracts gained more than 7% last week as hopes of a peace deal that would end ship attacks and seizures around the Strait of Hormuz dimmed. Last week’s talks between Trump and Chinese President Xi Jinping ended without an indication from the world’s top oil importer that it would help resolve the conflict.

“The longer the conflict with Iran persists, the greater the risk of protracted oil price scarring, which could keep interest rates higher for longer,” Prestige Economics’ Jason Schenker said in a note.

“This ‌could ⁠also present persistent downside risks to growth.”

Drone attacks on the UAE and Saudi Arabia and rhetoric from the U.S. and Iran raised concerns of an escalation in the conflict.

Emirati officials said they were investigating the source of the strike on the Barakah nuclear power plant and that the UAE had the full right to respond to such “terrorist attacks.”

Saudi Arabia, which intercepted ⁠three drones that entered from Iraqi airspace, warned it would take the necessary operational measures to respond to any attempt to violate its sovereignty and security.

“These drone strikes are a pointed warning – renewed U.S. or Israeli strikes on Iran could trigger ⁠more proxy attacks on Gulf energy and critical infrastructure by Iran or its regional proxies,” IG market analyst Tony Sycamore said.

Trump is expected to meet top national security advisers on Tuesday to discuss options for ⁠military action regarding Iran, Axios reported.

Separately, in a move that could support oil prices, the Trump administration on Saturday allowed a sanctions waiver to lapse that had previously allowed countries including India to buy Russian seaborne oil after a month-long extension.

Business

PSX falls as regional tensions rise.

Published

24 hours ago

May 18, 2026

Bilal

On Monday, the benchmark index fell below 165,000 points on the Pakistan Stock Exchange (PSX).

After closing at 165,596, the KSE-100 index fell more than 1,200 points to 164,276.

Rising geopolitical tensions, particularly US President Donald Trump’s threats of military action against Iran, damage investor sentiment, according to analysts.

Japan’s Nikkei fell 1%, Indonesia’s Jakarta Composite Index down 2%, and Hong Kong’s Hang Seng Index fell 1.5%. South Korea’s KOSPI rose, while China’s Shanghai Composite fell.

Increasing Middle East tensions and global oil and financial sector uncertainties prompted investor caution and the regional market decline.

Business

Gold steadies on dip-buying after hitting nearly 1-month low

Published

24 hours ago

May 18, 2026

Bilal

After falling to a one-month low due to growing oil-driven inflation and predictions of prolonged interest rate hikes, gold prices stabilized on Monday due to dip-buying.

As of 0241 GMT, spot gold was unchanged at $4,540.36 per ounce, following its lowest level since March 30 earlier in the day.

U.S. gold futures for June delivery fell 0.4% to $4,543.70.Gold prices are currently experiencing a rise owing to profit-taking, but being in a difficult sideways range, according to Kelvin Wong, a senior market analyst at OANDA.

Gold plummeted to its lowest since March 30 earlier in the session as Middle East tensions raised oil prices, raising fears about inflation and longer-term interest rates.

UAE officials reported a drone strike causing a fire at a nuclear power station on Sunday.

Saudi Arabia intercepted three drones, while U.S. President Donald Trump urged Iran to act “fast” amid stalled U.S.-Israeli ceasefire attempts.

Oil prices rose to a two-week high on Monday.

Concerns about inflation stem from high oil prices. Central banks raise interest rates amid inflation, decreasing the appeal of non-yielding bullion.

According to CME Group’s FedWatch tool, markets are pricing in a 50% possibility of a U.S. Federal Reserve rate hike by December before year-end.

Investors await the Fed’s April meeting minutes, expected this week, for monetary policy guidance.

On Saturday, India, the world’s largest silver consumer, banned imports in all forms to reduce shipments and stabilize the rupee.

Silver slid 0.8% to $75.38 per ounce, platinum 0.1% to $1,972.10, and palladium 1.3% to $1,394.75.

Business

The government might drastically lower the price of jet fuel.

Published

2 days ago

May 17, 2026

Bilal

The government’s announcement of a significant drop in jet fuel prices is likely to result in a decrease in commercial airline tickets.

Official information indicates that the cost of a litre of jet fuel has decreased by Rs111.44.

The price of jet fuel has been lowered from Rs441.66 per litre to Rs330.32 per litre as a result of the drop.

Airlines are anticipated to benefit from the large reduction, which may also result in cheaper passenger tickets.

The cost of light diesel oil changed concurrently.

Although the updated numbers indicated the new price fixed at Rs273.92 per litre compared to the previous cost of Rs265.84 per litre, officials said that light diesel oil recorded a reduction of Rs8.08 per litre.