Oil touches 2-week high after drone attack on UAE nuclear power plant

Oil prices extended gains on Monday as efforts to end the US-Israeli war on Iran appeared ​to have stalled, after a nuclear power plant ​in the United Arab Emirates came under attack and as US ‌President Donald Trump is expected to discuss military options on Iran.

Brent crude futures climbed $1.44, or 1.32%, to $110.70 a barrel by 2337 GMT after touching the highest since May 5 earlier in the session.

US West Texas Intermediate was at $107.26 a barrel, up $1.84, or 1.75%, following a rise to its highest level since May 4.

Both contracts gained more than 7% last week as hopes of a peace deal that would end ship attacks and seizures around the Strait of Hormuz ‌dimmed. Last week’s talks between Trump and Chinese President Xi Jinping ended without an indication from the world’s top oil importer that it would help resolve the conflict.