The United Arab Emirates has officially exited OPEC, a landmark decision driven by escalating Gulf tensions and a strategic push for independent oil production.
The move breaks from Saudi-led quotas, reflecting a deepening economic rivalry between the UAE and Riyadh. It also comes as active conflict involving Iran, the United States, and Israel has closed the Strait of Hormuz, a critical chokepoint for global oil supply.
Markets are pricing a 100% probability that crude oil will hit $90 per barrel by the end of June. Analysts say the combination of OPEC+ fragmentation and supply disruption is highly bullish for short-term prices. All eyes are now on how Saudi Arabia and OPEC+ will respond-and whether further output adjustments or diplomatic moves will follow.