Saudi Arabia, Pakistan, and Turkey sign the Mecca Joint Defence Agreement to strengthen collective deterrence against aggression, amid escalating regional conflict involving Iran and its allies.
The Iran war's reignition has disrupted oil flow through the Strait of Hormuz, pushing Brent crude to $100 a barrel. Gulf nations are accelerating at least seven major pipeline projects to reroute oil via the Red Sea, Suez Canal, and Gulf of Oman, with Iraq securing a $60 billion deal for a Syria pipeline.
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A US Apache helicopter, shot down by Iran, was reportedly part of a clandestine ship-to-ship oil transfer operation in the Gulf of Oman aimed at maintaining energy exports amid sanctions. The operation uses drones and helicopters to guide convoys, with satellite imagery revealing extensive tanker activity near Oman's port of Sohar.
Global oil prices have fallen to a three-month low and stock markets have reached record highs amid optimism that a US-Iran peace deal could resolve the energy supply crisis. Brent crude dropped 4% to $83 as hopes rise for the reopening of the Strait of Hormuz.
Global oil prices dropped to a three-month low and stock markets rallied amid optimism over a potential US-Iran peace deal that could reopen the Strait of Hormuz and ease energy supply concerns. Brent crude fell below $83 a barrel, while wholesale gas prices declined in Europe.
Global oil prices dropped and stock markets surged as optimism grew for a US-Iran peace deal, potentially reopening the Strait of Hormuz and ending a major energy supply crisis. Brent crude fell below $84/barrel, while European and Asian markets rallied.
Global oil prices dropped significantly as optimism grew for a US-Iran peace deal, potentially reopening the Strait of Hormuz and restoring Gulf oil exports. Brent crude fell below $84 a barrel, reaching its lowest since early March.
Oil prices increased Thursday as tensions escalated between the U.S. and Iran, with both sides launching attacks. Kuwait and Israel reported incidents, while Iran claimed strikes on U.S. facilities in Kuwait and Bahrain. The U.S. confirmed self-defense strikes against Iranian targets.
South Korea is drawing growing interest from Middle Eastern oil producers seeking to store crude oil at the country’s petroleum reserve bases, the world’s sixth largest, amid a prolonged blockade of the Strait of Hormuz, a South Korean official and an expert on the matter have said. The strait’s closure in the wake of the US-Israel war on Iran has taken a toll not only on South Korea and other nations dependent on oil imports but also oil-producing countries whose storage tanks are filling up...
OPEC+ is set to agree on a modest oil output increase of about 188,000 barrels per day in June, but the hike will remain largely symbolic as the U.S.-Iran war continues to disrupt Gulf oil supplies through the closed Strait of Hormuz. The seven members meeting include Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. Oil prices have surged to a four-year high above $125 per barrel, with analysts warning of jet fuel shortages in one to two months and rising global inflation.
The UAE will leave OPEC on May 1, ending decades of membership after years of frustration over production quotas that capped output despite heavy investment in expanding capacity. Analysts say the move reflects Abu Dhabi's desire to maximise market share and signals a more independent regional approach, potentially weakening OPEC+ while raising questions about the quota system's relevance.
The UAE's shock exit from OPEC after 60 years threatens to unravel the oil cartel that has helped stabilize global markets for decades. With oil prices at four-year highs above $126/barrel, experts warn of a potential price war between Gulf rivals once the Iran conflict ends and flows resume through the Strait of Hormuz. Saudi Arabia has vowed to aggressively market its oil to Asian buyers with discounts to capture market share.
The UAE's decision to withdraw from OPEC and OPEC+ starting May 1, 2026 could lead to additional oil production growth in the Persian Gulf starting in 2027 and increase downward pressure on prices after the Strait of Hormuz reopens, analysts told TASS. The UAE accounted for 11% of OPEC oil production in 2024 and 7.3% of OPEC+ output.
The UAE's abrupt exit from OPEC represents a significant strategic shift, ending decades of membership dating back to before the nation's 1971 founding. As the cartel's second-largest swing producer with substantial spare capacity, the UAE now seeks to maximize oil output to 5 million barrels per day. The timing reflects Gulf tensions and strained relationships with Iran and Saudi Arabia, potentially triggering an oil price war that poorer OPEC members may struggle to survive.
Almost two months after the Strait of Hormuz was effectively shut to commercial traffic due to the U.S.-Iran conflict, Middle Eastern oil and gas producers are scrambling to find alternative export routes. Around 20% of the world's oil previously transited through this critical waterway. The blockade has supercharged global energy prices and highlighted vulnerabilities at key maritime chokepoints. Gulf states are now actively exploring bypass routes including the East-West pipeline and the UAE's Habshan-Fujairah pipeline, while Iran has seen its strategic leverage weaken as producers seek permanent re-routing options.
