US Gas Prices Surge to $4.30/Gallon as Iran War and Hormuz Blockade Drive Energy Costs Higher
US gasoline prices have jumped nearly 30 cents in one week to $4.30 per gallon, driven by the Iran war and the Strait of Hormuz blockade.
Energy
UAE Announces Exit from OPEC as US-Iran Negotiations Stall
The United Arab Emirates announces it will exit the Organization of the Petroleum Exporting Countries, sending shockwaves through global energy markets as US-Iran ceasefire talks remain stalled.
Oil Prices Hit Highest Since 2022 as Iran Conflict Escalates
Brent crude surged past $126 a barrel — the highest since 2022 — after reports the US military is preparing new strike options against Iran. The ongoing closure of the Strait of Hormuz continues to disrupt global energy supplies.
Oil Surges to Highest Since 2022 as Trump to Be Briefed on New Iran Military Options
Brent crude briefly surged above $126 per barrel, the highest since 2022, after reports the US military will brief Trump on new strike options against Iran.
Oil Price Hits Highest Since 2022 After Report Trump to Be Briefed on New Iran Strike Options
Brent crude surged to over $126 a barrel, the highest since Russia’s 2022 invasion of Ukraine, after reports the US military will brief Trump on new plans for potential strikes on Iran.
Oil Price Surges Above $118 Amid Extended Iran Blockade Reports
Brent crude briefly hits $119 per barrel as reports emerge of US plans to extend the blockade on Iranian ports.
Oil Price Surges to $119 on Reports of 'Extended' Iran Blockade
Brent crude oil surged to $119 a barrel on Wednesday, up nearly 7%, as reports emerged that the US is preparing to extend its blockade of Iranian ports, while Tehran threatens to continue disrupting shipping through the Strait of Hormuz.
UAE Announces Exit from OPEC; Analysts Call It 'the Beginning of the End'
The United Arab Emirates announces its withdrawal from the Organization of the Petroleum Exporting Countries, saying the move will help it meet growing global energy demand. Analysts describe it as the beginning of OPEC’s decline.
BP Profits More Than Double as Iran War Sends Oil Prices Soaring
British Petroleum reports profits more than doubling year-over-year in its first quarter, driven by soaring global oil prices amid the Iran conflict.
UAE Announces Exit from OPEC on May 1, Ending Nearly 60 Years of Membership Amid Hormuz Crisis
The UAE will formally exit OPEC on May 1, ending nearly six decades of membership. The energy minister said the move aims to gain greater freedom to expand production capacity, targeting 5 million barrels per day by 2027.