UAE exits OPEC: When the US-Iran conflict broke out, the UAE found itself on the front line. After the United States and Israel initiated strikes against Tehran, Iran directed much of its retaliation at the UAE infrastructure.

U.S. crude oil surpassed $100 per barrel for the first time since April 10 after Iran talks stumbled and the United Arab Emirates said it would leave OPEC.

The Arab oil producer has long expressed frustration with the quotas it has to follow as part of OPEC, the cartel of major state-owned oil producers.

The said Tuesday it will leave OPEC effective May 1, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices. The UAE’s decision had been rumored as a possibility for some time,

The United Arab Emirates said Tuesday it will exit OPEC, while the Trump administration seemed unlikely to accept Iran's offer to reopen the Strait of Hormuz if the U.S. ends its blockade and the war.

Oil prices extended their rally as the UAE announced it will exit OPEC and U.S.-Iran peace talks remained deadlocked, keeping the Strait of Hormuz largely closed. The dual shocks — a major producer leaving the cartel and a prolonged Gulf shipping ...

Biden administration officials are “encouraged” by ongoing OPEC talks and have spoken with officials in Saudi Arabia and the United Arab Emirates in hopes of reaching an agreement to stem the rise in crude prices, White House Press Secretary Jen Psaki said.