# Reuters reports the UAE plans to exit OPEC on 1 May, highlighting Gulf rifts amid Iran-war energy crisis - VT Markets

> Reuters reported that the UAE will leave OPEC on May 1 amid rifts among Gulf nations and an energy crisis tied to the Iran war. The UAE says the exit will have minimal impact on oil prices. WTI was up about 2% at $97 at the time of reporting.

- Date: 2026-04-29 · published 2026-04-29T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/19904-reuters-reports-the-uae-plans-to-exit-opec-on-1-may-highlighting-gulf-rifts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The UAE plans to raise output toward its capacity target, which could weigh on prices once Hormuz flows normalize. In the near term, the Iran war and shipping constraints dominate price direction.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-02-28 | [Iran war throws oil market into biggest crisis in decades \| Reuters](https://feedsoft.ai/events/20769-iran-war-throws-oil-market-into-biggest-crisis-in-decades-reuters.md) | +35.6% | +50.4% |
| WTI | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -8.1% | -22.7% |
| WTI | 2026-04-30 | [Oil retreats after hitting four-year high on concern of US-Iran war escalation \| Reuters](https://feedsoft.ai/events/19881-oil-retreats-after-hitting-four-year-high-on-concern-of-us-iran-war-escalation.md) | -10.8% | -16.4% |
| WTI | 2024-03-18 | [Oil prices inch higher amid attacks on Russian energy facilities \| Reuters](https://feedsoft.ai/events/31372-oil-prices-inch-higher-amid-attacks-on-russian-energy-facilities-reuters.md) | -0.9% | +5.3% |
| WTI | 2026-03-06 | [Iran conflict boosts US Gulf oil prices to highest since 2020 \| Reuters](https://feedsoft.ai/events/5575-iran-conflict-boosts-us-gulf-oil-prices-to-highest-since-2020-reuters.md) | +18.2% | +39.2% |
| BRENT | 2026-03-02 | [European markets hurting as Iran war widens \| Reuters](https://feedsoft.ai/events/11002-european-markets-hurting-as-iran-war-widens-reuters.md) | +31.0% | +62.6% |
| BRENT | 2026-02-28 | [Iran war throws oil market into biggest crisis in decades \| Reuters](https://feedsoft.ai/events/20769-iran-war-throws-oil-market-into-biggest-crisis-in-decades-reuters.md) | +31.0% | +62.6% |
| BRENT | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -5.7% | -24.9% |

## Sources

- vtmarkets.com: https://www.vtmarkets.com/en-ca/live-updates/reuters-reports-the-uae-plans-to-exit-opec-on-1-may-highlighting-gulf-rifts-amid-iran-war-energy-crisis/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.