The United Arab Emirates has left both OPEC and the broader OPEC+ alliance, dealing a significant blow to the oil producers' group. The UAE is one of the world's largest crude exporters, and its exit shrinks the coalition's collective output capacity and its ability to coordinate production cuts or increases that move global oil prices. The departure follows the UAE's public criticism of fellow Arab member states for failing to offer adequate protection after a series of Iranian attacks during the ongoing conflict. That diplomatic fracture appears to have been the breaking point in an already strained relationship within the group. For markets, the concern is twofold: OPEC+ loses a heavyweight producer whose output decisions will now be made independently, and the group's credibility as a unified price-management body weakens. Traders and energy importers, including India which sources a large share of its crude from Gulf producers, will watch whether the UAE pursues an independent production strategy that could pressure oil prices lower or reshape Gulf supply flows.
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.
