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The Latest Breaking News from Oil

Oil prices rise despite UAE exit from OPEC as Iran war ceasefire hangs in balance

Oil markets are navigating a period of unprecedented volatility after the UAE announced its withdrawal from OPEC and the OPEC+.

Euronews

Bada Mangal 2026: Dates, Rituals & Powerful Hanuman Blessings

Bada Mangal is a deeply auspicious festival in Hinduism that is dedicated to honour Hanuman Jhi’s boundless strength and devotion. Happening on each Tuesday of Jyeshtha month, Bada Mangal is also known as Budhwa Mangal. On this day, believers worship the elderly form of Lord Bajrangbali. The importance of this…

Times Life

Calls for humanitarian corridor through strait of Hormuz as Iran war hits vital aid

Soaring oil prices and the blockade are preventing food, fuel and medicine being delivered to millions of people in desperate need, say NGOs

The Guardian - UK

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‘Take the money and run’: Johns Hopkins economist Steve Hanke on why the UAE quit OPEC

The move didn’t surprise Hanke, who served on the UAE’s Financial Advisory Council from 2008 to 2014.

Fortune

Russia struggles to contain ‘massive’ fire at oil refinery after third Ukrainian strike in two weeks

Vladimir Putin points to strike on Black Sea port facility as evidence of growing attacks against civilian ⁠infrastructure

The Independent UK

OPEC: UAE Leaves OPEC — What This Means for the Global Oil Economy

OPEC faces uncertainty as UAE exit reports trigger concerns over oil supply stability and global economic ripple effects

International Business Times UK

Australia’s inflation surge just made an RBA rate rise more likely

Australia’s inflation rate surged 1.1% in March, driven by a record jump in fuel prices, making an interest rate hike next Tuesday more likely.

The Conversation

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Oil prices decline after UAE says it will exit Opec amid Iran war energy crisis

Asian stocks are mostly higher despite a retreat on Wall Street

The Independent UK

’A new power’: Trump not invited to climate conference attended by 60 countries

"When the largest emitters have been present at the COP negotiations, they have pushed for a veto to prevent any discussion of the need to transition beyond fossil fuels," said the conference host.

Euronews

Organisers of high-level climate summit in Colombia say 'we must transition away from fossil fuels'

The two-day segment of ministers and senior officials marks the political centerpiece of the First Conference on Transitioning away from Fossil Fuels, where more than 50 countries have been discussing how to move away from oil, gas and coal.

Euronews

Ukraine-Russia war latest: Trump welcomes Putin’s offer of Victory Day ceasefire in ‘very good’ phone call

Trump says he expects Putin to observe 'a little ⁠bit of a ceasefire', while Ukraine is yet to respond to the proposed truce

The Independent UK

From Jakarta to Manila, south-east Asia turns to Russia to plug fuel, fertiliser gaps caused by Iran war

South-east Asia, which relied heavily on the Middle East for energy and fertiliser, is desperately seeking to plug huge gaps in its supplies

The Guardian - UK

France unveils roadmap to ditch all fossil fuels by 2050

France on Tuesday announced a "first of its kind" plan to phase out coal by 2030, oil by 2045 and gas by 2050 during a global conference aimed at breaking reliance on fossil fuels.

Radio France Internationale

United Arab Emirates will leave OPEC in a blow to the oil cartel

The United Arab Emirates will leave OPEC effective Friday, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices

The Independent UK

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The Guardian - AU

Ukraine war briefing: More woe for Russian oil as Tuapse refinery hit again

Putin condemns drone attack; King Charles to US Congress – Ukrainians need your 9/11 spirit; acting US ambassador to leave Kyiv. What we know on day 1,526

AAP

Signs point to bumpy road for motorists in fuel crisis

Higher fuel prices could be just weeks away as conflict in the Middle East drags on, with the nation's leaders committing to further crisis talks.

The Conversation

UAE’s OPEC exit has been long in the works – and may mark the beginning of a Gulf realignment

The United Arab Emirates’ decision to withdraw from the Organization of Petroleum Exporting Countries will leave the oil cartel weakened at a crucial time. It also illustrates the ongoing tensions between the UAE and Saudi Arabia, OPEC’s largest producer and de facto leader.

Barchart

Cotton Bulls Rally Back to Close Higher on Tuesday

Cotton futures found late strength on Tuesday, with contracts up 1 to 14 points in most front months. The US dollar index was back up $0.162 at $98.480. Crude oil was extending higher, up $3.26 to $99.63. NASS Crop Progress data showed 16% of the US cotton crop planted as...

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The Guardian - US

Trump administration blocks US wind energy projects in switch to oil and gas

US representatives Jared Huffman and Jamie Raskin earlier this month called agreements outrageous and unlawful

The Guardian - AU

Morning Mail: UAE quits Opec oil cartel, Pauline Hanson tops political leader approval ratings, King Charles addresses Congress

Emirates shake global energy market with decision to leave Saudi-led group; Essential poll shows Pauline Hanson has highest leader approval ratings

International Business Times UK

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.

Barchart

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...

International Business Times

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.

Barchart

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...

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