Pumpjacks operate while others stand idle in the Belridge oil field near McKittrick, Calif., on March 10, 2026. Mario Tama/Getty Images
Oil prices jumped on May 18 after a drone strike near the United Arab Emirates’ nuclear power plant, as President Donald Trump warned Iran that “the clock is ticking” for progress in U.S.–Iran peace.
The global benchmark for Brent crude rose 1.85 percent on May 18 to $111.29 a barrel, its highest since May 5, when it traded above $109 per barrel in intraday trading.
