Global oil prices surge above $111 per barrel as UAE announces exit from OPEC

Crude oil prices surged above $111 per barrel following the United Arab Emirates' announcement of its exit from OPEC, effective May 1, 2026. The UAE stated that the decision was based on the country's national interest after a comprehensive review of its production policy and capacity. This announcement has stirred uncertainty in the global oil market, which is already grappling with nearly two months of war between Iran and the United States-Israel.