Washington: Global oil prices rose sharply on May 18 after Donald Trump issued fresh warnings to Iran amid stalled negotiations aimed at ending the ongoing conflict in the Gulf region.
Brent crude, the international oil benchmark, climbed more than 1.7% during Asian trading, while US crude prices also recorded strong gains as investors reacted to the renewed geopolitical uncertainty.
The latest rise in prices comes as tensions continue around the Strait of Hormuz, one of the world’s most strategically important energy corridors.
Iran has effectively restricted shipping through the waterway following US and Israeli military actions that began earlier this year, severely disrupting global energy markets and increasing fears over supply shortages.
Around one-fifth of global oil and liquefied natural gas supplies normally pass through the narrow maritime route, making developments in the region highly sensitive for international markets.
Trump intensified pressure on Tehran by warning that time was running out for a diplomatic breakthrough. In a social media message, he urged Iranian leaders to move quickly toward a deal.
Iranian media reports suggested talks remain deadlocked, with officials accusing Washington of failing to offer meaningful concessions in response to Tehran’s latest proposals.
The standoff has renewed concerns about possible military escalation, especially after reports that Trump is expected to meet senior national security advisers to discuss further options regarding Iran.
During the conflict, Iran has launched attacks and threats targeting several countries in the region, including Israel, Bahrain and the United Arab Emirates.
On May 17, UAE authorities reported a drone strike near the Barakah Nuclear Power Plant in Abu Dhabi, describing the incident as a dangerous escalation in regional tensions.
Officials said the strike caused a fire near an electrical generator outside the plant’s inner perimeter, although no injuries or radiation risks were reported.
Analysts say global energy markets remain highly volatile as traders closely monitor developments surrounding the Iran conflict and the future of oil shipments through the Strait of Hormuz.
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