Oil prices ease after rally as UAE exits OPEC; Iran conflict, Hormuz blockade keep supply concerns high
Oil prices have decreased slightly after a recent rally, influenced by the UAE's decision to exit OPEC. Despite this, supply concerns remain high due to ongoing conflicts in Iran and the blockade of the Strait of Hormuz. Analysts suggest that while prices are down, they are still elevated and could rise again if supply disruptions continue.
- ▪Brent crude futures for June dipped 1% to $111.25 a barrel after a multi-day rally.
- ▪The UAE's exit from OPEC may improve supply outlooks, but immediate effects are limited due to the Hormuz blockade.
- ▪U.S. President Trump is preparing for an extended blockade of Iran, which could worsen supply disruptions.
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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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