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The UAE has announced plans to leave OPEC and strike out alone, which analysts describe as a major blow to the group. The explainer covers how OPEC influences prices and what the departure could mean amid the US-Israel war with Iran and the loss of oil supply.
Weaker OPEC cohesion could mean more supply later once Hormuz reopens, a potentially bearish longer-term factor for crude, though near-term disruption keeps prices high.
bbc.comJemma CrewApr 29, 2026After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
