Oil prices climbed sharply on Monday after negotiations aimed at ending the Iran war stalled and the UAE launched an investigation into a drone attack near the Barakah nuclear power plant.

The oil-rich United Arab Emirates (UAE) announced on Thursday that the Arab world's first nuclear power plant will soon be operational, describing it as a "significant step," News.Az reports citing foreign media.

The United Arab Emirates is considering building a second nuclear power plant to meet growing demand for electricity in the oil-rich Gulf state, a government official told Reuters.