The United Arab Emirates has announced it is leaving OPEC, citing its national interests as the reason for the exit. The move is a significant blow to the oil producers' group, which has already been under pressure from internal disagreements over output policy and market share. The UAE has long been one of OPEC's larger producers, and its departure reduces both the cartel's collective output weight and its political cohesion. The exit comes as the wider region is dealing with the conflict involving Iran, adding geopolitical strain to an organisation that depends on member alignment to manage global oil supply. A smaller, less unified OPEC has less leverage to coordinate production cuts or defend price floors, which could affect oil price stability. Markets will be watching whether other Gulf members reconsider their own positions, and whether the UAE moves to produce more freely outside the cartel's quota framework.
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.
