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UAE Exit From OPEC Lifts Oil Prices as Hormuz Disruption Tightens Supply
The UAE said it will leave OPEC and OPEC+ effective May 1, 2026, and oil rose 3% to about $111 a barrel on the news. The move came during the US-Israel war on Iran, which has throttled shipments through the Strait of Hormuz and helped push oil as high as $119.50 since the war began. Analysts said the exit may not change supply immediately, but it could raise global supply once navigation through Hormuz is restored.