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Just as oil prices are looking stable (albeit higher) due to a ceasefire, the market took another blow as the United Arab Emirates exited the OPEC.
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Oil prices rose as investors parsed fresh signals from U.S.-Iran negotiations, with uncertainty over a potential de-escalation keeping markets on edge.
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Investors parsed reports that President Trump told advisers that he was not satisfied with Iran's latest proposal to reopen the Strait of Hormuz.
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The UAE wants to ramp up production without constraints from OPEC, which could prove bearish for prices at some point.
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;Resize=(620)) Ukraine has hit around a dozen Russia refineries in recent weeks, stepping up attacks at the same time that oil prices rose because of the global energy crunch.
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