Oil prices ease after rally as UAE exits OPEC; Iran conflict, Hormuz blockade keep supply concerns high
Oil prices declined slightly after a seven-day rally as markets assessed the UAE's unexpected exit from OPEC, but ongoing supply concerns due to the unresolved conflict involving Iran and threats to the Strait of Hormuz continued to support prices. Brent crude for June fell 1% to $111.25 a barrel, while the more active July contract dropped to $104.12. The June contract is set to expire the following day. Geopolitical tensions persist despite the short-term price pullback.
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Oil prices eased on Wednesday (April 29, 2026) from a multi-day rally as investors digested the ramifications of the United Arab Emirates' surprise decision to quit OPEC, though supply disruptions from the stalemated Iran war support the market.Brent crude futures for June dipped 1% to $111.25 a barrel by 0413 GMT, having climbed for the previous seven sessions. The June contract expires on Thursday (April 30, 2026) and the more active July contract down 28 cents at $104.12.
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