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The Latest Breaking News from OPEC

Oil temporarily hits $126 wartime high as US–Iran standoff fuels supply fears

Oil markets face upward pressure on Thursday, with Brent crude briefly touching $126 as markets price in tensions in the negotiations between the US and Iran.

Euronews

What is OPEC and how does it shape global oil markets?

Oil is once again making headlines.

The Conversation

What could the UAE’s exit from OPEC mean for oil markets and the climate?

The world's third-largest oil producer has the capacity to increase its output by almost 50 per cent, according to industry estimates.

Euronews

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Thursday news quiz: interrupted dinners and shows, and a salamander

Test yourself on topical news trivia, pop culture and general knowledge every Thursday. How will you fare?

The Guardian - UK

The UAE is leaving the OPEC oil cartel. What could that mean for oil prices?

The United Arab Emirates (UAE) has announced that on May 1, it will leave both the Organization of the Petroleum Exporting Countries (OPEC) and the larger OPEC+ group. By withdrawing, the UAE will now be able to independently decide how much oil it produces and sells.

The Conversation

Crude Prices Surge With No End in Sight to US-Iran War

June WTI crude oil (CLM26 ) on Wednesday closed up +6.95 (+6.95%), and June RBOB gasoline (RBM26 ) closed up +0.1650 (+4.81%). Crude oil and gasoline prices extended this week's sharp rally on Wednesday, with crude oil posting a 3-week high and gasoline posting a 3.75-year high. Crude prices continue...

Barchart

The Guardian view on the UAE quitting Opec: whatever importers pay, the price of fossil fuels is too high

Editorial: The world must accelerate the shift to renewables, regardless of the economic effects of Abu Dhabi’s decision

The Guardian - UK

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UAE’s departure from Opec tells a story about the limited future of oil production

The decision by the United Arab Emirates to leave the oil producers’ cartel Opec after 59 years is more than a symbolic break. It highlights a growing divide among major oil producers over how to respond to a changing energy landscape, and will weaken the group’s ability to manage global…

The Conversation

Crude Prices Soar on Prospects for Prolonged Closure of Hormuz

June WTI crude oil (CLM26 ) today is up +5.18 (+5.18%), and June RBOB gasoline (RBM26 ) is up +0.1502 (+4.38%). Crude oil and gasoline prices extended this week's sharp rally today, with crude oil posting a 2-week high and gasoline posting a 3.75-year high. Crude prices continue to climb...

Barchart

Current price of oil as of April 29, 2026

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

Fortune

Influencer Evelyn Ha Claims Shocking Truth Twisted After Ex Ben Pasternak Arrest Sparks Heated Abuse Allegations Debate

Influencer Evelyn Ha faces online scrutiny as ex Ben Pasternak arrest sparks abuse debate and competing claims spread across social media platforms

International Business Times UK

Business Brief (April 29): China Vows to Drive ‘AI+’ Initiative

China grants zero-tariff treatment to African partners, BYD profit slumps

Caixin Global

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

‘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

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The Independent UK

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

International Business Times 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

The Independent UK

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

AAP

ASX continues slide as inflation points to rate hike

Resurgent inflation has increased the odds the Reserve Bank hiking the cash rate at its next meeting, with ongoing price growth to drag on company earnings.

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news in one place.

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The Guardian - US

Trump news at a glance: president’s justice department sets sights on James Comey (again)

New indictment marks latest instance in which Trump’s justice department has used its power to target president’s political enemies – key US politics stories from 28 April 2026 at a glance

The Independent UK

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

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.

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.

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.

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