Oil Prices Surge Following Drone Attacks in UAE, Brent Nears Rp2 Million per Barrel
Global oil prices surged at the start of Asian trading on Monday, 18 May 2026, following drone attacks in the United Arab Emirates (UAE) and Saudi Arabia. The escalating conflict in the Middle East has heightened market concerns regarding potential disruptions to the global oil supply.
According to Oil Price, West Texas Intermediate (WTI) crude prices rose by 2.59 per cent to US$108.20 per barrel, approximately Rp1.91 million per barrel. Meanwhile, Brent crude increased by 2.03 per cent to US$111.50 per barrel, equivalent to Rp1.97 million per barrel, based on an exchange rate of Rp17,678.
The price hike was also driven by the lack of a breakthrough regarding Iran following US President Donald Trump’s visit to China last week. This situation has reignited fears of a potential global oil shortage.
The recent drone attacks reportedly caused fires near the Barakah nuclear power plant in the UAE. The UAE Ministry of Defence stated that two other drones were successfully intercepted. Simultaneously, Saudi Arabia reported intercepting three drones entering its airspace from Iraq. UAE officials clarified that the strike at Barakah hit an electrical generator outside the main area of the nuclear facility, ensuring there were no radiation leaks or casualties.
These attacks are part of rising regional tensions following President Trump’s launch of ‘Project Freedom’, a recent initiative aimed at reopening trade routes in the Strait of Hormuz. Previously, markets had hoped Trump’s visit to China would yield a new agreement regarding Iran; however, the lack of progress has increased market anxiety.
Over the weekend, Trump also issued renewed threats to Iran, demanding immediate negotiations to avoid further consequences. Amidst these conditions, the global oil market is reportedly tightening, with nearly 80 countries now implementing emergency measures to protect their economies from energy crisis threats. Economists at Aberdeen are currently assessing a scenario where Brent prices could surge to US$180 per barrel, or approximately Rp3.18 million per barrel, if disruptions in the Strait of Hormuz continue for an extended period. Meanwhile, the International Energy Agency (IEA) predicts a supply-demand gap of 6 million barrels per day between March and June.