The Latest Breaking News from OPEC

OPEC+ Raises Oil Output As Gulf Supply Disruptions Persist Amid Iran War

OPEC+ agreed to a modest increase in oil production for June as the group continues adjusting output during a period of disrupted global supply tied to the ongoing conflict involving Iran and restricted shipping through the Strait of Hormuz.

International Business Times · May 4

Current price of oil as of May 4, 2026

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

Fortune · May 4

UAE, Qatar seek new Gulf-Asia trade corridor in landmark agreement with South Korea

The UAE signed a landmark trade deal with South Korea, the day after it left OPEC, while Qatar is also engaging with Seoul for its own trade agreement. The Gulf states are paving a structural trade corridor with Asia.

Euronews · May 4

The Iran war has turned the world's shipping straits into a chessboard—and the U.S. aims to box out China from the Panama Canal to the Malacca Strait

As the war over the Strait of Hormuz wages on, the U.S. is quietly gaining more influence over the Panama Canal and the straits of Malacca and Gibraltar.

Fortune · May 2

Crude Prices Fall on Hopes for US-Iran Negotiations

June WTI crude oil (CLM26 ) on Friday closed down -3.13 (-2.98%), and June RBOB gasoline (RBM26 ) closed down -0.0198 (-0.55%). Crude oil and gasoline prices gave up early gains on Friday and settled sharply lower, with gasoline falling from a 3.75-year high. Crude prices came under pressure on...

Barchart · May 1

Crude Prices Tumble on Hopes Negotiations to End Iran War Will Resume

June WTI crude oil (CLM26 ) today is down -3.37 (-3.21%), and June RBOB gasoline (RBM26 ) is down -0.0448 (-1.24%). Crude oil and gasoline prices gave up early gains today and retreated , with gasoline falling from a 3.75-year high, on hopes that negotiations to end the US-Iran war...

Barchart · May 1

Sky-High Airfares Become 'New Normal' As Jet Fuel Crisis Reshapes Travel

Fuel prices are rising due to US-Iran tensions, affecting travel costs and airline operations. The UK government is monitoring the situation, while experts predict prolonged elevated costs.

International Business Times UK · May 1

The Iran war has brought many old Gulf faultlines to the fore – and is creating new ones

The United Arab Emirates (UAE) announced on April 28 that it will leave the global oil producers’ cartel Opec. Its decision is the latest sign that the war in the Middle East has not only deepened animosities between Iran and its Gulf neighbours, but among the Gulf states too.

The Conversation · May 1

Current price of oil as of May 1, 2026

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

Fortune · May 1

The UAE’s OPEC exit signals strategic shift as Gulf unity faces new test over oil policy

The UAE's exit from OPEC signals a strategic shift, raising questions about Gulf coordination and the organisation's future.

Euronews · May 1