The UAE announced it will formally exit OPEC and OPEC+ on May 1, marking the most dramatic member departure in the organization’s history and threatening to reshape global energy dynamics.
UK energy giant Shell has agreed to acquire Canadian energy company ARC Resources for $13.6 billion in cash and shares, gaining Montney shale basin assets that will add 370,000 barrels per day, with an enterprise value of $16.4 billion.
Iran presents a new proposal to the US aimed at easing the standoff over the Strait of Hormuz, while postponing nuclear talks, sending international oil prices higher.
Stalled U.S.-Iran peace talks send oil above $97 per barrel, stalling the Wall Street rally on Monday as investors brace for the Federal Reserve’s policy meeting this week.
A UK government minister warns that supply chain disruptions from the Iran war could keep prices elevated for up to eight months, as officials monitor stock levels and prepare contingency plans.