U.S. crude oil crossed $100 a barrel for the first time since April 10 after two simultaneous shocks hit the market: Iran nuclear talks broke down, and the United Arab Emirates announced it would leave OPEC. Both developments rattled a market already sensitive to Middle East instability. The UAE is one of OPEC's largest producers, and its exit removes a significant voice from the group's output decisions. When a major producer leaves the cartel, it can act independently on supply, either pumping more or less, without coordinating with other members. That uncertainty tends to push oil prices up. The Iran dimension adds a separate pressure. Stalled nuclear talks raise the chance that sanctions on Iranian oil exports remain in place or tighten, keeping Iranian barrels off the global market and tightening supply further. The $100 level is closely watched because it feeds directly into fuel costs, freight prices, and broader inflation. If prices hold above this threshold, central banks and governments face renewed pressure on energy policy. Watch for OPEC's formal response and any shift in U.S. strategic reserve releases.
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
