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.
British oil giant BP reported Q1 profits more than double year-ago levels, driven by surging oil prices amid the ongoing Iran conflict.
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.
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 negotiations hit a wall as Iran’s foreign minister returns to Pakistan without a breakthrough, sending stock futures lower and oil prices higher.