Global oil prices fell nearly two percent on Friday as crude shipments through the Strait of Hormuz continued recovering. The decline came despite a cargo vessel being struck near Oman a day earlier. Lower supply concerns eased pressure on energy markets and oil traders. Brent crude dropped 1.99 percent to $73.76 per barrel, while US […]
crude oil prices
UAE denies politics behind OPEC withdrawal
The United Arab Emirates defended its withdrawal from OPEC and OPEC+ on Saturday, calling the move a sovereign strategic decision. Energy Minister Suhail Al Mazrouei said the exit followed a review of production policies and future capabilities. The decision matters because it weakens OPEC’s influence over global oil supplies and energy markets. Mazrouei said the […]
Oil prices surge above $113 amid Iran talks
Global crude oil prices surged sharply as US-Iran negotiations showed no progress, pushing energy markets into volatility. Brent crude crossed $113 per barrel while US West Texas Intermediate traded around $112. The rise reflects growing uncertainty in global diplomatic and energy conditions. Market analysts linked the price surge to stalled talks between Washington and Tehran. […]