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3. Oil Prices Surge as Middle East Tensions Escalate

Global oil prices continued their upward trajectory on Monday amid mounting geopolitical tensions in the Middle East, as diplomatic efforts to halt the ongoing U.S.-Israeli conflict with Iran appeared to falter.

Brent crude futures rose by $1.44, or 1.32%, reaching $110.70 per barrel by 23:37 GMT after hitting their highest level since May 5 earlier in the trading session. According to Reuters, the increase came amid escalating regional tensions following reports that a nuclear power plant in the United Arab Emirates had been targeted in an attack. Investors also reacted to expectations that U.S. President Donald Trump would discuss potential military options regarding Iran.

Officials in the United Arab Emirates announced that an investigation was underway to determine the origin of the strike targeting the Barakah nuclear power plant, stressing that the UAE reserved the right to respond to what it described as “terrorist attacks.”

Meanwhile, Saudi Arabia confirmed that its air defenses had intercepted three drones entering its airspace from Iraq. Riyadh warned that it would take all necessary operational measures to counter any threat to its sovereignty and national security.

According to Axios, U.S. President Donald Trump is expected to meet with senior national security advisers on Tuesday to discuss potential military action concerning Iran.