Oil touches 2-week high after drone attack on UAE nuclear power plant
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Oil prices extended gains on Monday as efforts to end the US-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as US President Donald Trump is expected to discuss military options on Iran.
Brent crude futures climbed $1.44, or 1.32%, to $110.70 a barrel by 2337 GMT after touching the highest since May 5 earlier in the session.
US West Texas Intermediate was at $107.26 a barrel, up $1.84, or 1.75%, following a rise to its highest level since May 4.
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.
Drone attacks on the UAE and Saudi Arabia and rhetoric from the US 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 US 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.
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The rupee opened on a weak note and slumped to an all-time low of 96.25 in early trade on Monday, as elevated crude oil prices, global uncertainty, and a stronger dollar continue to remain key risks for the domestic unit.
Forex traders said higher crude oil prices, a stronger US dollar, and ongoing geopolitical tensions have together created a difficult environment for emerging market currencies, and the rupee is now clearly reflecting that stress.
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India is staring at an intense spell of heat over the coming week, with the India Meteorological Department (IMD) warning of severe heatwave conditions in parts of Rajasthan and Uttar Pradesh even as scattered thunderstorms and heavy rainfall continue across southern and northeastern states.
According to the IMD forecast, heatwave conditions are set to spread across large swathes of northwest, central and eastern India between May 16 and 21 as the mercury continues to rise over the coming days.
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Prime Minister Narendra Modi on Friday greeted the people of Sikkim on the occasion of Statehood Day and said the Centre would continue supporting the Himalayan state's growth and development trajectory.
In a post on X, the Prime Minister extended his wishes as Sikkim marked its 50th Statehood Day celebration this year.
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India’s foreign exchange reserves increased by $6.29 billion to $696.99 billion during the week ended May 8, driven by a rise in gold reserves, latest data from the Reserve Bank of India showed. Gold reserves increased by $5.64 billion during the reported week.
Gold prices increased by 2.11 per cent to $4,715/oz during the reported week.
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Air India's transformation is going to be a "long game, and there is no shortcut", its co-owner, Singapore Airlines' CEO Goh Choon Phong, said on Friday as he mentioned that the Indian carrier is facing various challenges, including Pakistan airspace closure and rupee depreciation.
At a briefing to discuss Singapore Airlines (SIA) Group's financial results for the 2025-26 financial year, he also said that Air India has "largely external challenges".
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