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The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers. While the announcement won’t have an immediate impact on world oil supplies that are constrained by the war in Iran and the closure of the Strait of Hormuz, it could help lower oil prices after the war if the UAE increases its production capacity. On Tuesday, Brent crude oil traded above $111 a barrel, over 50% higher than its prewar price.
Iran offered to end its chokehold on the Strait of Hormuz if the U.S. lifts its blockade on the country and ends the war in a proposal that would postpone discussions on the Islamic Republic’s nuclear program, two regional officials said Monday. U.S. President Donald Trump seems unlikely to accept the offer, and U.S. Secretary of State Marco Rubio appeared to rule out any deal that excludes Iran’s nuclear program.
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