The United Arab Emirates has announced it will leave OPEC, ending a membership that lasted more than five decades. The UAE has been one of the group's most significant producers, and its exit marks a notable fracture in the cartel that coordinates oil output among the world's largest producers. NBC News' Christine Romans reported on the motivations behind the move, though specific reasons were not detailed in the announcement. OPEC's central function is to align member output levels to manage global oil supply and, by extension, prices. Losing a major Gulf producer weakens that coordination power and could make it harder for remaining members to enforce production targets. Oil markets will be watching whether the UAE acts independently to raise output, which could pressure prices downward. The move also raises questions about the cohesion of OPEC+, the broader alliance that includes non-OPEC producers like Russia, and whether other members might reconsider their own participation.
Venezuela's earthquake death toll has reached 1,430 with the US Geological Survey warning fatalities could top 10,000, placing it among Latin America's deadliest in a century. US military planes are landing in Caracas, Washington is mobilising $150 million in aid, and rescue teams from 17 countries are on the ground.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
