Oil Prices | DD News

April 29, 2026 10:31 PM

UAE exit weakens OPEC+ power over oil market but group to stay together, sources say

OPEC and its allies will lose some of their power over the oil market when the United Arab Emirates leaves the group on May 1, but the rest of the producer alliance is likely to stick together and continue to coordinate on oil supply policy, OPEC+ delegates and analysts said on Tuesday. The UAE is the fourth-largest producer in the Organization of the Petroleum Exporting Countries and said it would quit the group on Tuesday after nearly 60 years as a member. That will free Abu Dhabi from the oi...

April 29, 2026 2:59 PM

EXPLAINER-What is OPEC+ and how does it affect oil prices?

The United Arab Emirates, one of OPEC+'s largest producers, will leave the oil producers' alliance on May 1, it said on Tuesday. The Organization of the Petroleum Exporting Countries and allies, including Russia, are known collectively as OPEC+. Last year, the group produced nearly 50% of the world's oil and oil liquids, according to International Energy Agency estimates. The UAE is the fourth largest producer in OPEC+. Below are facts about OPEC+ and its role. WHAT ARE OPEC AND OPEC+? OPEC ...

April 24, 2026 10:02 AM

Asia shares mixed, oil advances on US-Iran deadlock

Asia shares struggled on Friday and oil prices resumed their rise, as a shaky ceasefire in the Middle East war and stalled U.S.-Iran peace talks gave investors little to cheer. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% and was set to end the week with a 0.8% gain, while Japan's Nikkei added 0.45% and stocks in South Korea , China and Hong Kong fell. Nasdaq futures NQc1 and S&P 500 futures advanced 0.6% and 0.1%, respectively, after closing lower in the cash ses...

April 22, 2026 12:27 AM

Oil prices climb 5% after Trump says he does not want to extend Iran ceasefire

Oil prices climbed about 5% on Tuesday after U.S. President Donald Trump said he did not want to extend a soon-to-expire ceasefire in the Iran war and that the U.S. military was "raring to go" if negotiations do not succeed. Brent futures LCOc1 rose $4.30, or 4.5%, to $99.78 a barrel at 1:13 p.m. EDT (1713 GMT), while U.S. West Texas Intermediate CLc1 crude rose $4.75, or 5.3%, to $94.36. Pakistan said there was still no confirmation that Iran would attend last-ditch peace talks with the Unite...

April 8, 2026 9:26 AM

Oil slides below $100, stocks jump after two-week ceasefire agreed

Oil prices dived, stocks surged and the dollar was knocked back on Wednesday as a two-week Middle East ceasefire sparked a relief rally, fuelled by hopes that oil and gas flows through the Strait of Hormuz could resume. The news capped weeks of market volatility and geopolitical upheaval after U.S. and Israeli strikes on Iran at the end of February pushed tensions to the brink, with Tehran effectively choking off the strategic waterway that typically carries about 20% of the world’s oil and g...

March 26, 2026 9:50 AM

Oil surges past $100 as Iran rules out direct talks with US amid escalating tensions

Global crude oil prices climbed sharply on Thursday after Iran signalled that it is not engaged in direct negotiations with the United States to de-escalate the ongoing conflict, dampening hopes of an immediate ceasefire. Brent crude rose 1.21 per cent to $103.46 per barrel, while US West Texas Intermediate (WTI) gained 1.35 per cent to $91.54 per barrel. The spike follows comments by Abbas Araghchi, who clarified that indirect exchanges between Tehran and Washington should not be seen as forma...

March 24, 2026 9:33 AM

Global shares jittery, oil rebounds as fragile relief rally sours

Stocks were on tenterhooks and oil prices rose in choppy trade on Tuesday as U.S. President Donald Trump's postponement of the bombing of Iran's power grid proved no panacea for investors worried about the ramifications of the Middle East war. U.S. Treasury yields pushed higher and the dollar regained lost ground, in a retracement of the relief rally that swept markets overnight after Trump added five days to his Saturday ultimatum for Iran to reopen the Strait of Hormuz within 48 hours, citing...

March 20, 2026 11:56 AM

Global oil prices fall up to 3% as US signals possible easing of Iran sanctions

Global oil prices declined on Friday after the United States signalled a potential easing of sanctions on Iranian crude, amid efforts to stabilise supplies and ensure smooth shipping through the Strait of Hormuz. Brent Crude futures fell as much as 3.39 per cent to an intra-day low of $104.96 per barrel, while West Texas Intermediate (WTI) crude declined 3.22 per cent to $92.47, also touching an intra-day low. The drop in oil prices followed remarks by US Treasury Secretary Scott Bessent, who ...

March 10, 2026 9:48 PM

Oil sinks 11% as Trump predicts Middle East de-escalation

Oil prices plummeted by more than $10 a barrel on Tuesday after soaring to an almost four-year high in the previous session after U.S. President Donald Trump predicted the war in the Middle East could end soon, lowering expectations of prolonged disruptions to oil supply. Brent futures were down $10.45, or 10.6%, at $88.51 a barrel by 1504 GMT (11:04 a.m. EDT), while U.S. West Texas Intermediate (WTI) crude was down $10.61, or 11.2%, at $84.16. Oil surged to more than $119 a barrel on Monday t...

March 2, 2026 6:56 PM

Qatar halts LNG production, Saudi refinery, Iraqi Kurdish and Israeli oil, gas fields shut amid Mideast strikes

Qatar halted production of liquefied natural gas on Monday and Saudi Arabia shut its biggest domestic oil refinery after a drone strike, a source said, as Israeli and U.S. strikes and Iranian retaliation triggered precautionary shutdowns of oil and gas facilities across the Middle East. A wave of attacks on the region stretched into a third day, resulting in the suspension of most oil production in Iraqi Kurdistan and several major Israeli gas fields, throttling exports to Egypt. Oil prices su...