← Latest news 
Oil Slides as UAE Quits OPEC but Brent Holds Near 111 Amid Iran Blockade Fears
Economy
Published on 29 April 2026
UAE exit hints at more supply, yet Iran risks keeping prices high
Crude prices slipped on Wednesday after the UAE’s surprise exit from OPEC, a move markets interpreted as a potential path to higher supply by freeing the country from production quotas. Still, Brent stayed close to $111 as investors weighed ongoing supply disruption risks tied to the Iran conflict and an extended blockade threat near Hormuz.
- UAE’s unexpected OPEC departure triggered a softening in oil prices
- Investors see possible future supply gains from quota exit
- Brent remains near $111 despite the dip
- Iran war and Hormuz blockade fears continue to support prices
Read the full story at Republic
This summarization was done by Beige for a story published on 
Republic