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#CryptoMarketsDipSlightly
Corrected Oil Dips Following UEA Announcement
Crude Oil Focus:
UAE announces it will officially withdraw from the OPEC+ alliance group on May 1, 2026, to focus on national interests.
Trump instructs his aides to prepare for a prolonged Iran blockade, according to U.S. officials.
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Wednesday, April 29, 2026 - This morning's oil prices are observed to move in a bearish correction following the surprising announcement from the UAE to withdraw from OPEC+. However, signals of a blockade in the Strait of Hormuz that will continue, attacks in Iraq's Green Zone, and API stock reports could potentially push prices back to bullish.
United Arab Emirates (UAE) announces it will withdraw from the OPEC+ oil alliance to focus on national interests, effective Friday, May 1, 2026, said the country's Energy Minister, Suhail Al Mazrouei, on Tuesday. The UAE's announcement indicates the potential for additional supply from the fourth-largest OPEC+ producer, considering it will no longer be bound by the alliance group's production quota.
Meanwhile, President Donald Trump has instructed his aides to prepare for a prolonged Iran blockade, U.S. officials said Tuesday night. Trump chooses to continue pressuring Iran's economy and oil exports by preventing shipments to and from Tehran's ports, including continuing bombings. The news signals ongoing escalation of the conflict and dimming hopes for continued US-Iran peace negotiations.
Supporting prices, Iraq's air defense system shot down a drone flying over Baghdad's Green Zone, where the US embassy is located, a military source said Tuesday. The attack raises concerns about the potential expansion of conflict in the Middle East.
Additional support comes from US crude oil inventories, which fell by 1.79 million barrels at the close of the week ending April 24, according to the latest report released by industry group API. The report indicates strong demand in the US oil market. However, traders are still awaiting the official government stock report to be released by EIA on Wednesday night.
From a technical perspective, oil prices may encounter the nearest resistance at $102 per barrel. However, if negative catalysts appear, prices could potentially fall to the nearest support at $97 per barrel.