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The decision by the United Arab Emirates on Tuesday to quit the Organization of the Petroleum Exporting Countries is a sign the cartel is losing its grip on the ability to control the worldwide supply and price of oil.
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Brent crude futures for June delivery climbed to above $111 a barrel as the endpoint of the U.S.-Iran conflict remains unclear.
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UAE to leave Opec in blow to oil cartel Financial TimesUnited Arab Emirates Says It Will Leave OPEC in Blow to Oil Cartel The New York TimesThe Latest: United Arab Emirates says it will exit OPEC, while US-Iran negotiations stall Dallas NewsUnited Arab Emirates to leave OPEC May 1, energy chief says still committed to oil price stability CNBC
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Liquefied natural gas transit has been effectively halted. A ship managed by Abu Dhabi's state oil company managed to cross, said Kpler, a maritime data firm.
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