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The Latest Breaking News from Oil

What UAE's Shock OPEC Exit After Nearly Six Decades Means for Oil Prices and the World

The UAE's decision to leave OPEC by May 2026 signals a major shift in global oil markets, influenced by geopolitical tensions and strategic national interests.

International Business Times UK

Stocks Fall on AI Jitters and Surging Crude Oil Prices

The S&P 500 Index ($SPX ) (SPY ) on Tuesday closed down -0.49%, the Dow Jones Industrial Average ($DOWI ) (DIA ) closed down -0.05%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -1.01%. June E-mini S&P futures (ESM26 ) fell -0.46%, and June E-mini Nasdaq futures...

Barchart

Dollar Advances as Stocks Slip and Crude Prices Surge

The dollar index (DXY00 ) on Tuesday rose by +0.15%. Tuesday's stock slump boosted liquidity demand for the dollar. Also, higher crude oil prices on Tuesday increased inflation expectations, a hawkish factor for Fed policy, and a positive factor for the dollar. The dollar maintained its gains after the Conference...

Barchart

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UAE Quits OPEC Effective May 1: 10 Key Facts on Shocking Exit

The United Arab Emirates announced Tuesday it will leave both OPEC and the broader OPEC+ alliance effective May 1, delivering a major blow to the oil producers' group and its de facto leader Saudi Arabia amid the ongoing Iran conflict that has severely disrupted Gulf energy exports.

International Business Times

Tighter Global Oil Supplies Underpin Crude Prices

June WTI crude oil (CLM26 ) on Tuesday closed up +3.56 (+3.69%), and June RBOB gasoline (RBM26 ) closed up +0.0623 (+1.85%). Crude oil and gasoline prices rallied sharply for a second day on Tuesday, with crude oil posting a 2-week high, and gasoline posting a 3.75-year high. Crude prices...

Barchart

Decision by the UAE to leave OPEC shakes up alliance that influences oil prices worldwide

The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe

The Independent UK

Where is the Most Diversified U.S. Stock Market Index Heading?

While markets reflect the economic and geopolitical landscapes, which remain highly turbulent in April 2026, the most diversified U.S. stock market index, the S&P 500, rallied to a new record high on April 17 and April 24.

Barchart

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US Petrol Prices Hit Four-Year High? Reports Claim Gridlock Over Reopening of Strait of Hormuz Sent Cost to $4.18 a Gallon

US petrol prices have surged to a four-year high due to geopolitical tensions over the Strait of Hormuz, affecting global oil supply and consumer costs.

International Business Times UK

High-level talks begin on moving away from fossil fuels at Colombia conference

Ministers and officials are gathered in Colombia for a high-level conference aimed at accelerating the shift away from fossil fuels, with financing emerging as a key challenge

The Independent UK

Worse to come as oil crisis adds fuel to rate-pain fire

A rate hike in May is forecast by analysts after the Iran oil shock pushed the annual headline inflation level to the highest point in almost three years.

AAP

Hungary's incoming PM Péter Magyar offers to meet Ukraine's president in June

Relations between the two neighbours hit rock bottom before Hungary's 12 April election that saw Magyar beat long-time nationalist premier Viktor Orbán.

Euronews

Cotton Slipping Back at Tuesday’s Midday

Cotton futures are showing 10 to 20 point losses in the front months on Tuesday, with in delivery May, up 33 points. The US dollar index is back up $0.162 at $98.480. Crude oil is extending the gains, up $2.95 to $99.32. NASS Crop Progress data showed 16% of the...

Barchart

Soybeans Feeling Modest Weakness on Turnaround Tuesday

Soybeans are slipping lower on Turnaround Tuesday, with contracts down 2 to 6 ½ cents. The cmdtyView national average Cash Bean price is down 5 3/4 cents at $11.10 1/2. Soymeal futures are down $2 to $2.50 across the front months, with Soy Oil futures up 55 to 65 points...

Barchart

Activists call out 'horrifying' soaring oil and gas profits as energy companies cash in on the Iran war

As drivers sour on rising fuel prices, energy firms are making a killing.

Fortune

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Why the Real Story Behind the UAE’s OPEC Exit is Petrodollar Diplomacy

With Emirati energy infrastructure taking hits from the Iran war, Treasury Secretary Bessent tries to stave off the ‘petroyuan’ era.

The Guardian - US

US gas prices surge to highest level in four years, averaging $4.18 a gallon

Oil prices surged as talks on reopening of strait of Hormuz remain gridlocked, sending prices $1 higher than last year

Euronews

Ukraine says it shot down 33,000 Russian drones in March, a new monthly record

Ukraine has developed cutting-edge and battle-tested drone technology that has proved essential in holding back Russia’s bigger army and has drawn military interest from around the world.

The Independent UK

What is Opec? UAE to leave major group of oil producers

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Evening Standard

FTSE 100 edges higher but US tech stocks wobble

The index closed up 11.70 points at 10,332.79.

The Times of India

Ukraine downs record 33,000 Russian drones in March as production scales up

Ukraine shot down more than 33,000 Russian drones in March, the highest monthly figure since Moscow launched its full-scale invasion more than four years ago, as Ukraine scales up production of interceptor drones but struggles with a shortage of trained operators, according to AP reports.

International Business Times UK

OPEC Suffers Stunning Blow as UAE Abandons Oil Cartel Following Strategic Pivot Toward Independent Production

The United Arab Emirates' exit from OPEC sparks claims of 'the beginning of the end' for the group, unfolding amid Iran War–driven turmoil and uncertainty in the global oil industry.

The Guardian - UK

UAE quits Opec in win for Trump as oil cartel weakened

US president has accused organisation of ‘ripping off the rest of the world’ by inflating oil prices

Euronews

Gaza’s transport grinds to a halt amid spare parts crisis

Severe restrictions on spare parts entering Gaza have paralysed transport, fuelled a black market and sent repair and travel costs soaring for residents, Euronews has learned.

Barchart

Crude Prices Strengthen as Global Oil Supplies Tighten with Strait of Hormuz Closed

June WTI crude oil (CLM26 ) today is up +3.13 (+3.25%), and June RBOB gasoline (RBM26 ) is up +0.0241 (+0.72%). Crude oil and gasoline prices are sharply higher for a second day today, with crude oil posting a 2-week high, and gasoline posting a 3.75-year high. Crude prices continue...

The Guardian - UK

Singing activists disrupt NatWest meeting over ‘climate backtracking’

AGM briefly adjourned after protesters wearing T-shirts labelled ‘No more big oil’ burst into song

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