Oil Price Today (May 18): Crude oil above $110 again as Iran war tensions deepen. Where is liquid gold headed?
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Global crude oil prices surged above $110 a barrel today following an attack on a UAE nuclear plant and increased drone attacks targeting both the UAE and Saudi Arabia, dimming hopes for peace with Iran and prompting President Trump to review potential military actions. These incidents are escalating fears of a broader regional conflict involving key oil-producing nations, intensifying an already volatile situation in the Middle East. Such a conflict directly threatens the stability of global energy supplies, particularly through critical chokepoints like the Strait of Hormuz, driving crude oil prices higher due to anticipated supply disruptions and a heightened risk premium in the market.