The United Arab Emirates has officially announced its decision to leave OPEC, a move that takes effect on April 28, 2026. This departure is seen as a significant blow to the oil cartel, particularly as global oil prices continue to rise amidst ongoing geopolitical tensions.

Founded in 1960, OPEC has long played a crucial role in regulating oil production and prices. The UAE joined the organization in 1967 and remained a member even after its formation in 1971. However, recent events have prompted this unexpected shift.

On April 20, the UAE criticized fellow Arab states for not doing enough to protect it from Iranian attacks, which have posed a direct threat to its crude oil exports. Anwar Gargash, a senior Emirati official, stated, “The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically.” This sentiment reflects growing frustrations within the region.

As of late April, Brent crude oil prices have surged to $119.50 per barrel—an increase of over 3.4% since the outbreak of the Iran war. The UAE’s exit could further complicate the energy market, especially since about a fifth of the world’s crude oil and liquefied natural gas passes through the Strait of Hormuz.

Donald Trump has previously accused OPEC of inflating oil prices, suggesting that this shift may be perceived as a victory for him amid rising global costs. The implications of the UAE’s departure could reverberate throughout the energy sector and beyond.

As things stand now, it remains unclear how this exit will affect OPEC’s influence on global oil markets or how other Gulf nations will respond. The upcoming weeks will likely reveal more about the consequences of this pivotal decision.

The post Opec: UAE’s exit from signals major shift in global energy market appeared first on propnews.co.uk.

In a dramatic escalation of tensions in the Middle East, Donald Trump announced that the United States will begin blockading the Strait of Hormuz on April 12, 2026, following failed peace negotiations with Iran that lasted 21 hours. This strategic waterway is crucial, as it facilitates the transit of one-fifth of the world’s oil and liquefied natural gas shipments. The blockade aims to prevent Iran from charging tolls to tankers, a move that has already sent oil prices soaring, with US crude oil rising 8% to $104.24 a barrel.

Effective immediately, Trump declared, “the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz.” This statement underscores the seriousness of the situation as the US Navy prepares to interdict vessels that have paid Iran since the onset of the conflict. The US Central Command confirmed that the blockade would commence at 10am ET (2pm GMT), marking a pivotal moment in the ongoing tensions.

The backdrop to this blockade is a war that began on February 28, when the US and Israel launched military operations against Iran, resulting in significant casualties and infrastructure damage. Reports indicate that approximately 3,000 people have been killed in Iran since the conflict began, raising concerns about the humanitarian impact of continued hostilities.

Iran’s Revolutionary Guards have responded with warnings, stating that any military vessels approaching the strait would be considered a violation of the ceasefire. This warning highlights the precarious nature of the situation, as both sides remain on high alert. Iran has also denied US claims that two of its warships passed through the strait for mine-clearing operations, further complicating the narrative surrounding the blockade.

As the blockade takes effect, oil prices are expected to remain volatile. Brent crude oil also saw a 7% increase, reaching $102.29 per barrel. The implications of this blockade extend beyond immediate price hikes; nations dependent on Iranian oil, such as China, may respond in ways that could further escalate tensions in the region. Observers are closely monitoring how these nations will react to the US’s aggressive stance.

Details remain unconfirmed regarding how the US will determine which vessels have paid Iran a toll, adding another layer of uncertainty to the situation. Additionally, the exact number of mines laid by Iran in the strait remains unclear, which could pose significant risks to maritime navigation and safety in this vital shipping lane.

As the world watches these developments unfold, the call for peace remains urgent. Oman’s Foreign Minister Badr Albusaidi has urged that the ceasefire be extended and talks continue, emphasizing the need for diplomatic solutions in the face of escalating military actions. The situation in the Strait of Hormuz is a stark reminder of the delicate balance of power in the region and the far-reaching consequences of geopolitical conflicts.

The post Trump Strait of Hormuz Blockade Announced Amid Rising Tensions appeared first on propnews.co.uk.

The Brent crude price has recently experienced a notable decline, falling about 11% to around $99 per barrel after peaking at $112 on Friday. This fluctuation in oil prices is reflective of the ongoing geopolitical tensions in the Middle East, particularly concerning the Strait of Hormuz, a critical passageway that handles approximately 20% of global seaborne oil supplies.

In a recent development, international benchmark Brent crude futures for May delivery climbed more than 4% to $104.49 per barrel, while U.S. West Texas Intermediate futures for May traded over 4% higher, ending at $92.35 per barrel. These shifts indicate a volatile market responding to both local and international pressures.

President Donald Trump recently stated, “I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” This statement, however, has been met with skepticism as Iranian state media refuted claims of negotiations, stating that Tehran would allow safe transit through the Strait, except for ships associated with its ‘enemies.’

The recovery on Tuesday suggests lingering skepticism over the president’s claims, which were also refuted by Iran. José Torres remarked, “Despite the exuberance on Wall Street, ladies and gentlemen, oil is well off its lows after Tehran denied conducting any weekend negotiations with Washington.” This highlights the uncertainty surrounding the current situation and its impact on oil prices.

As the market continues to react to these developments, observers are closely monitoring the situation. The potential for further fluctuations in the Brent crude price remains high, especially as geopolitical tensions persist. Details remain unconfirmed regarding the outcomes of the discussions between the U.S. and Iran, leaving many in the energy sector on edge.

The post Brent Crude Price Takes a Dive Amidst Tensions appeared first on propnews.co.uk.

The Israel-Iran war has intensified dramatically, with Iran warning of zero restraint following Israel’s recent strike on the South Pars gasfield. This attack has not only escalated military tensions but has also resulted in significant disruptions to energy supplies, with Iran hitting Qatar’s key LNG facility, cutting about 17 percent of its output for potentially five years.

Since the conflict began on February 28, more than 18,000 civilians have been injured in Iran, with a heartbreaking toll of 204 children killed. The humanitarian crisis is deepening as the death toll in Lebanon has surpassed 1,000 people, with at least 2,584 wounded since Israeli attacks escalated on March 2.

Israeli Prime Minister Netanyahu expressed confidence in a swift resolution to the conflict, stating, “We are winning and Iran is being decimated.” His remarks come amid reports of Iranian missile and drone attacks targeting US bases and central and southern Israel, indicating a fierce retaliation.

In response to the conflict, global oil and gas prices have surged, with sharp increases reported across the UK and Europe. This has raised concerns over supply disruptions, especially as 20 percent of the world’s oil and gas flows through the Strait of Hormuz.

Trump defended the US strikes on Iran, emphasizing the need for surprise in military strategy, stating, “Does anyone really think that someone can tell President Trump what to do?” His comments reflect the complex geopolitical dynamics at play, as Iran has also sought clarification from Germany regarding the role of the Ramstein Air Base in the ongoing conflict.

Meanwhile, Saudi Arabia’s Ministry of Defense reported intercepting and destroying ten drones, showcasing the broader regional implications of the war. UAE and Kuwaiti air defenses have also been active in response to missile threats, highlighting the escalating military engagement across the Gulf.

Details remain unconfirmed regarding the exact impact of the conflict on global oil and gas prices, as observers continue to monitor the situation closely. The future actions of both Israel and Iran remain uncertain, leaving the region on edge as the conflict unfolds.

The post Israel iran war: Israel-Iran War Escalates: Civilian Toll Rises and Energy Facilities Targeted appeared first on propnews.co.uk.

“Your children in the armed forces have put their lives in their hands to defend Iran. Strengthen them by keeping the streets,” stated Mohammad-Bagher Ghalibaf, underscoring the heightened tensions in the region as the conflict between Iran and the United States escalates.

The Strait of Hormuz, a critical maritime chokepoint through which approximately 20 percent of the world’s daily oil usage passes, has become a flashpoint in the ongoing Iran War. Following a series of U.S. and Israeli strikes, Iran’s military has taken aggressive actions, blocking the strait in retaliation. This has led to significant disruptions in global oil supply and a surge in oil prices, which have shot past $100 per barrel.

Since the conflict began on February 28, at least 10 oil tankers have been reported hit or attacked, raising concerns about the safety of commercial shipping in the area. In response, President Trump is set to announce the formation of an international coalition aimed at escorting commercial vessels through the Strait of Hormuz, with the U.S. Navy expected to provide support.

As the situation intensifies, Iran’s Foreign Minister has stated that the military will ultimately decide on the safe passage of vessels, leaving many in the shipping industry uncertain about their operations. Meanwhile, the intelligence arm of the Revolutionary Guards has threatened harsh consequences for any street protests, further tightening the regime’s grip amid growing dissent.

In the backdrop of these developments, Iran’s exiled prince Reza Pahlavi has urged citizens to stay home and avoid government centers, signaling the potential for unrest. The IRGC has also acknowledged its role in the crackdown that resulted in the deaths of at least 36,500 protesters earlier this year, highlighting the regime’s ongoing struggle to maintain control.

Polling indicates that more than half of Americans oppose Trump’s war with Iran, reflecting a significant divide in public opinion regarding military engagement. As the conflict continues, the national average gas price in the U.S. has spiked by more than 70 cents per gallon, further straining the economy.

What observers say

Benjamin Netanyahu remarked, “The moment you can begin a new path of freedom is getting closer every day. We stand with you, we help you, but ultimately everything depends on you,” emphasizing the international community’s support for those seeking change in Iran. In contrast, Brigadier-General Ali Mohammad Naini challenged U.S. assertions of military dominance, stating, “Didn’t Trump say that Iran’s navy has been destroyed? If so, let him send his ships into the Persian Gulf if he dares.” This statement reflects the ongoing rhetoric and bravado that characterize the conflict.

Details remain unconfirmed regarding when the escort missions through the Strait of Hormuz will commence and the exact commitments from other countries to join the coalition. As the situation evolves, the international community watches closely, aware that the implications of this conflict extend far beyond the region.

The post Iran war hormuz: Iran War and Strait of Hormuz: Escalating Tensions appeared first on propnews.co.uk.

The International Energy Agency (IEA) was formed in the wake of the oil crisis of the 1970s to protect the interests of oil consumers. Since its inception, the IEA has coordinated oil releases six times in response to various global supply challenges.

Recent Developments

On March 11, 2026, the IEA announced a unanimous decision by its 32 member countries to release 400 million barrels of oil from emergency reserves. This action is a direct response to significant supply disruptions caused by the ongoing conflict in Iran, which began on February 28, 2026.

This release represents the largest oil stock release in IEA history, reflecting the unprecedented scale of the current challenges facing the oil market. Fatih Birol, the Executive Director of the IEA, stated, “The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size.”

Since the outbreak of the Iran war, oil prices have experienced high volatility, with Brent crude reaching a peak of $120 per barrel before stabilizing around $90 recently. The IEA members currently hold emergency stockpiles of over 1.2 billion barrels, which provides a buffer against further disruptions.

Future Considerations

Birol emphasized the importance of restoring stable oil and gas flows, noting, “But to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz.” The Strait is a critical chokepoint for global oil shipments, with an average of 20 million barrels per day transiting through it in 2025.

Angie Gildea, another key figure in the IEA, added, “There is simply no substitute for restoring access through the Strait of Hormuz.” Observers suggest that the resolution of the conflict in Iran and the restoration of safe transit routes will be crucial for stabilizing the global oil market moving forward.

The post IEA Announces Historic Oil Stock Release Amid Supply Disruptions appeared first on propnews.co.uk.

Significant Developments in the Iran War and Oil Prices

On March 11, 2026, the ongoing conflict involving Iran has led to a dramatic shift in global oil markets, particularly affecting Brent crude prices. Reports indicate that oil prices plunged 17 percent, dropping below $80 a barrel before experiencing a rebound to nearly $90. This volatility is attributed to mixed messages regarding the impact of military actions by the United States and Israel on Iran.

Immediate Circumstances Affecting Oil Production

The effective closure of the Strait of Hormuz, a critical artery for global oil transportation, has compelled several countries to reduce their oil production. The U.S. military’s recent attack on 16 Iranian mine-laying vessels near the Strait has heightened tensions and contributed to the uncertainty surrounding oil supply. Since the onset of the war, U.S. petroleum prices have surged approximately 17 percent, reflecting the broader implications of the conflict on energy markets.

Wider Context of the Conflict

The Iran war has thrown global oil and gas flows into chaos, prompting the International Energy Agency to consider the largest release of oil reserves in its history. This situation has significant implications for global economies, as every 10 percent rise in oil prices corresponds with a 0.4 percent increase in inflation and a 0.15 percent reduction in economic growth. With Brent crude prices previously peaking at $120 a barrel, the current fluctuations are causing alarm among policymakers and economists alike.

Reactions from Global Leaders

In response to the rising oil prices, European leaders have voiced their concerns. The European Union has urged the United States to strictly enforce the G7 price cap on Russian oil, emphasizing the need to limit the financial resources available for Russia’s military actions. Germany’s Chancellor stated that there is no justification for easing sanctions on Russia, while Italy’s government has threatened to impose higher taxes on companies perceived to be profiting from the soaring oil prices.

Statements from Officials

French Minister Sébastien Lecornu remarked, “The war in the Middle East must not become a pretext for abusive prices at the pump,” highlighting the urgency of addressing the economic impact on consumers. Italian Prime Minister Giorgia Meloni expressed her determination to prevent speculators from exploiting the crisis, stating, “I am very determined to do what I can to prevent speculators from exploiting the crisis at the expense of families and businesses.” These sentiments reflect a growing concern among leaders about the socio-economic consequences of the conflict.

Regional Economic Measures

In light of rising oil prices, Hungary and Croatia have announced a price cap on fuel, aiming to mitigate the impact on their citizens. The economic repercussions of the Iran war extend beyond immediate price fluctuations, as countries grapple with the broader implications for inflation and growth. Friedrich Merz, a German politician, emphasized the importance of solidarity in the face of sanctions, stating, “Faced with the choice between sanctions and solidarity, our position is clear: we stand with Ukraine and are prepared to endure such a phase if necessary.”

Future Uncertainties

As the situation continues to evolve, uncertainties remain regarding the duration of the conflict and the effectiveness of U.S. military actions in the region. Details remain unconfirmed, but the ongoing war has undoubtedly reshaped the landscape of global oil markets and economic stability.

The post Iran War Oil: Impact on Global Markets and Prices appeared first on propnews.co.uk.

Gas Prices Surge Amid Conflict

Gas prices have surged significantly in recent days, with the national average climbing to $3.54 per gallon on March 8, 2026, marking a 19 percent increase from just a day prior. This spike follows a 17 percent rise to $3.48 per gallon on March 7, 2026. California motorists are facing the highest prices, paying as much as $5.20 per gallon, while those in Kansas are seeing prices as low as $2.92.

Leavitt’s Statements on Temporary Increases

Karoline Leavitt, the White House Press Secretary, stated that the recent increases in gas prices are temporary. She emphasized that the ongoing war with Iran would ultimately lead to lower gas prices in the long term. “The ongoing war with Iran would ‘result in lower gas prices in the long term,'” Leavitt remarked, suggesting that the current situation is a phase that will pass.

Impact of Military Actions

The rise in gas prices is closely linked to the U.S.-Israeli bombing campaign against Iran, which has disrupted oil supplies and led to soaring oil prices beyond $100 per barrel. Leavitt pointed out that the U.S. military is actively drawing up options to keep the Strait of Hormuz open, a crucial passage for oil shipments. Iran has threatened shipping in this vital area, further complicating the situation.

Operation Epic Fury and Future Expectations

Leavitt referenced the military operation known as Operation Epic Fury, stating, “Once the national security objectives of Operation Epic Fury are fully achieved, Americans will see oil and gas prices drop rapidly.” This statement underscores the administration’s belief that military success will stabilize energy costs.

Government’s Role in Energy Monitoring

In her remarks, Leavitt assured the public that the President and his energy team are closely monitoring the markets and engaging with industry leaders to address the rising costs. She noted, “The President and his energy team are closely watching the markets, speaking with industry leaders, and the US military is drawing up additional options to continue keeping the Strait of Hormuz open.” This proactive approach indicates the administration’s commitment to managing the economic impact of the conflict.

Trump’s Strong Stance on Iran

Former President Donald Trump has also weighed in on the situation, warning of unprecedented military consequences for Iran. His administration’s offer to insure tankers attempting to cross the Strait of Hormuz highlights the ongoing tensions and the strategic importance of this region for global oil supply.

Historical Context of Rising Gas Prices

The current spike in gas prices is not an isolated incident but rather a continuation of the volatility seen in energy markets during times of geopolitical conflict. The U.S.-Israeli war on Iran has exacerbated these fluctuations, leading to increased costs for American consumers. Observers note that the historical patterns of energy pricing during conflicts suggest that prices may stabilize once tensions ease.

Looking Ahead

As the situation develops, the administration’s strategies and their effectiveness in stabilizing gas prices will be closely watched. Details remain unconfirmed regarding the long-term impact of military actions on energy costs, but the government appears committed to navigating these challenges in the coming months.

The post Karoline Leavitt Addresses Gas Prices Amid Iran Conflict appeared first on propnews.co.uk.

Current Situation

The brent crude oil price has recently dropped to $90 after exceeding $100, marking a notable shift in the energy market. This decline comes amidst ongoing geopolitical tensions, particularly related to conflicts in Iran, which have severely impacted oil production.

Impact of the Conflict

Iran has cut its oil output to a quarter of its previous levels due to the ongoing conflict, resulting in a loss of approximately 3% of the global oil supply. This situation has raised concerns among market analysts and consumers alike, as rising oil costs are expected to affect manufacturing, transport, and food prices.

Immediate Effects on Consumers

The average price of a litre of petrol at UK forecourts has risen to 137p, an increase of nearly 4p since the conflict resumed. This rise in petrol prices is a direct consequence of the fluctuations in brent crude oil prices, which are used as a global benchmark for oil pricing.

Expert Perspectives

Analysts are closely monitoring the situation, with Chris Wright noting that the resolution could occur in weeks rather than months. However, the longer oil prices remain high, the more likely they will impact consumer costs across various sectors.

Kathleen Brooks emphasized the severity of the situation, stating, “This is roughly 3 percent of global oil supply lost in a single event. Shockingly, this is worse than the oil supply situation after Russia attacked Ukraine.” This perspective highlights the significant implications of the current conflict on global oil markets.

As the brent crude oil price continues to fluctuate, the effects on consumers and the broader economy are becoming increasingly evident. The interplay between geopolitical events and oil supply will remain a critical factor in determining future price movements.

The post Brent Crude Oil Price Drops to $90 After Surpassing $100 appeared first on propnews.co.uk.

Recent Developments in the Iran War Oil Situation

On March 10, 2026, oil prices experienced a notable decline, falling to approximately $91.70 a barrel after former President Donald Trump suggested that the Iran war could conclude “very soon.” This statement has triggered a wave of reactions across global markets.

Prior to Trump’s comments, Brent crude had surged to a high of $119.50 a barrel, reflecting the volatility in energy markets due to the ongoing conflict. The situation remains precarious as about a fifth of global oil and seaborne gas tankers typically transit through the strategically vital Strait of Hormuz.

In a bid to stabilize energy prices, Trump announced the lifting of certain sanctions on oil-producing countries. However, Iran has issued a stark warning, threatening to halt all oil exports if U.S. and Israeli attacks persist. This escalation has raised concerns about potential disruptions to global energy supplies.

The FTSE 100 index responded positively to Trump’s remarks, opening higher by about 1.4%. However, analysts caution that crude oil prices could soar to $150 or even $200 a barrel if the Strait of Hormuz remains closed for an extended period.

The conflict has already led to significant disruptions in global energy markets, with predictions indicating that oil prices could stabilize at around $135 a barrel if the conflict endures for four months. This situation is exacerbated by the recent Israeli strikes on Iranian oil facilities, further complicating the energy landscape.

On February 28, 2026, the U.S. and Israel initiated joint strikes on Iran, marking a significant escalation in the conflict. Trump stated that the U.S. had “already won in many ways” in the conflict, although he acknowledged that more needs to be done.

Details remain unconfirmed regarding which specific countries will benefit from the sanctions relief announced by Trump. The long-term impact of the conflict on global oil prices remains uncertain, as the situation continues to evolve.

As the geopolitical landscape shifts, the international community watches closely, aware that any disruption in the Strait of Hormuz could have far-reaching implications for global energy supplies.

The post Iran War Oil: Recent Developments Impacting Global Prices appeared first on propnews.co.uk.