UAE Announces Withdrawal from OPEC and OPEC+ Amid Hormuz Crisis
The UAE officially announces its withdrawal from OPEC and OPEC+, dealing a major blow to the oil cartel amid escalating regional tensions.
Oil
Trump Skeptical of Iran's Strait of Hormuz Proposal as Peace Talks Stall
President Trump expresses skepticism toward Iran’s proposal to reopen the Strait of Hormuz in exchange for lifting the blockade, dimming prospects for a near-term end to the 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.
BP Q1 Profits More Than Double as Iran War Drives Oil Prices Higher
British oil giant BP reported Q1 profits more than double year-ago levels, driven by surging oil prices amid the ongoing Iran conflict.
Rubio Dismisses Iran's Strait of Hormuz Proposal, Nuclear Deadlock Persists
US Secretary of State Rubio formally rejects Iran’s proposal to reopen the Strait of Hormuz, insisting nuclear issues must be resolved first, leaving negotiations at a standstill.
Oil Prices Rise as US-Iran Peace Talks Stall
International oil prices rose as US-Iran peace negotiations stalled following President Trump’s cancellation of a planned diplomatic mission to Pakistan, heightening uncertainty in global energy markets.
US-Iran Peace Talks Stall as Stock Futures Fall and Oil Prices Rise
US-Iran peace negotiations hit a wall as Iran’s foreign minister returns to Pakistan without a breakthrough, sending stock futures lower and oil prices higher.