Oil prices fall from 3-wk high; UAE leaves OPEC, Hormuz disruptions persist
Oil prices dipped from a three-week high as the UAE announced its exit from OPEC, though ongoing disruptions in the Strait of Hormuz and stalled U.S.-Iran talks limited losses. Brent and WTI crude both fell under 1% but remained elevated after surging earlier in the week. The UAE's move, aimed at prioritizing national interests, could lead to higher oil output, but blocked shipping through Hormuz hampers immediate impact. A resolution to reopen the strait remains unlikely as diplomatic efforts stall and the U.S. maintains its naval blockade on Iran.
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Investing.com-- Oil prices fell slightly from a three-week high on Wednesday, as markets weighed the impact of the United Arab Emirates’ decision to leave the OPEC producer group. But uncertainty over the U.S.-Israel war on Iran persisted, limiting oil’s decline as the Strait of Hormuz remained closed and as a peace deal between Washington and Tehran appeared distant. Brent oil futures fell 0.6% to $110.65 a barrel by 20:16 ET (00:16 GMT), while West Texas Intermediate crude futures fell 0.9% to $99.05/barrel. Both contracts surged over 3% to near three-week highs on Tuesday.
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