Back to today’s briefing

Story perspectives

Drone Strike Sparks UAE Nuclear Fire, Oil Rises; G7 Meets

5/18/2026

29 3 Full Breakdown

Summary

Story summary

A drone strike in the United Arab Emirates ignited a fire at a nuclear plant.
Brent and U.S. West Texas Intermediate rose to $111.34 and $107.71, up 1.9% and 2.2% respectively.
Asian equity indexes fell, with the S&P/ASX 200 down 1.32% and the Nikkei 225 down 0.92%.
G7 finance ministers will meet in Paris on Monday to discuss the Strait of Hormuz and raw-material supplies.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, imposed an oil embargo on the United States after the Nixon administration supplied Israel, driving crude prices from $3 to nearly $12 per barrel—a 300 % jump that lasted until March 1974. The shock still shapes Middle-East security, as today’s drone strike on the UAE nuclear site and G7 talks on the Strait of Hormuz echo those energy-politics tensions.

1 of 2

Story summary

A drone strike in the United Arab Emirates ignited a fire at a nuclear plant.
Brent and U.S. West Texas Intermediate rose to $111.34 and $107.71, up 1.9% and 2.2% respectively.
Asian equity indexes fell, with the S&P/ASX 200 down 1.32% and the Nikkei 225 down 0.92%.
G7 finance ministers will meet in Paris on Monday to discuss the Strait of Hormuz and raw-material supplies.

1 / 2