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3. UAE to Exit OPEC Amid Surging Oil Prices

The United Arab Emirates will withdraw from OPEC and the OPEC+ on May 1, state media reported Tuesday, describing the move as a strategic decision by the major oil producer.

"This decision reflects the UAE's long-term strategic and economic vision and evolving energy profile," the official Emirates News Agency said. 

The United Arab Emirates has been part of OPEC since 1967, making it one of the group’s earliest members, joining even before the country was formally established.

Alongside major Gulf producers such as Saudi Arabia and Kuwait, the UAE has played a central role in supplying oil from the Middle East, a region responsible for roughly 30% of global production.

Oil prices surge amid tensions

On the same day as the announcement, oil prices surged sharply amid growing fears that escalating tensions in the Middle East could disrupt crude exports through the Strait of Hormuz, a critical global shipping route.

The price of West Texas Intermediate (WTI), the U.S. benchmark for June delivery, rose 4.94% to $101.13 after briefly climbing more than 5%. Brent crude, the international benchmark, increased 3.79% to $112.33 per barrel.

Markets were already on edge before the UAE’s OPEC announcement, driven by concerns over geopolitical instability and stalled diplomatic efforts between the United States and Iran. Qatar warned of a potential “frozen conflict” in the Gulf as negotiations appeared deadlocked.