The United Arab Emirates is leaving OPEC, effective May 1, ending its membership in the oil cartel it joined in 1967. The UAE was the third-largest producer in the group as of February, trailing only Saudi Arabia and Iraq. Its departure removes a significant volume contributor from the alliance at a time when OPEC and its allies have been managing output cuts to support crude prices. The UAE has previously pushed to raise its own production baseline, signaling tension between its national output ambitions and the group's collective discipline. Losing the third-largest member weakens OPEC's ability to coordinate supply and speak with a unified voice to global oil markets. Whether the UAE aligns informally with OPEC-plus decisions or pursues independent output levels will be the key variable to watch. Any move to pump more freely could pressure crude prices and complicate Saudi Arabia's production strategy.
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
