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.
Iran proposes reopening the Strait of Hormuz if the US lifts its blockade, while deferring nuclear negotiations. Trump and his national security team are skeptical of the offer.
International crude prices rallied sharply on the UAE’s OPEC withdrawal announcement, boosting energy stocks on Wall Street while tech giants face investor scrutiny over AI spending returns.
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.
US Secretary of State Rubio formally rejected Iran’s proposal to reopen the Strait of Hormuz while postponing nuclear talks, leaving US-Iran peace negotiations in limbo and oil markets under pressure.
President Trump has expressed dissatisfaction with Iran’s plan to reopen the Strait of Hormuz, while dozens of nations call for immediate restoration of passage and the UN warns of a potential global food crisis.
US Secretary of State Marco Rubio has rejected Iran’s new proposal to reopen the Strait of Hormuz, which sought to delay nuclear talks in exchange for lifting the US blockade, casting further uncertainty over US-Iran relations.
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.
Iran is seeking an agreement to lift its blockade of the Strait of Hormuz, which would delay nuclear negotiations, while continuing intensive diplomatic outreach in Russia.