The UAE is moving to exit OPEC, the oil producers' cartel that coordinates output levels among major crude-exporting nations to manage global prices. The departure signals that Abu Dhabi wants more control over how much oil it produces, free from the group's collective output limits. Analyst Rücker expects oil prices to soften gradually as a result, since the UAE could pump more crude without needing OPEC's approval. The cartel loses leverage when a major producer leaves, it becomes harder to enforce collective cuts and defend price floors. For markets, the near-term effect may be modest, but if the UAE ramps up output significantly, it adds supply pressure at a time when OPEC is already navigating internal disagreements. Geopolitical friction could cut both ways, creating short bursts of price volatility even as the broader trend points lower. Traders and energy importers, including India, which sources a large share of Gulf crude, will be watching how quickly UAE production actually rises.
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.
