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.
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.
Venezuela's twin earthquakes, magnitudes 7.2 and 7.5, have killed at least 164 people and injured 971, interim president Delcy Rodriguez confirmed Thursday. The quakes are the country's strongest since 1900, collapsing buildings across Caracas and prompting a state of emergency, with the death toll expected to rise as
