Oil prices ease after rally as UAE exits OPEC; Iran conflict, Hormuz blockade keep supply concerns high

Oil prices eased on Wednesday (April 29, 2026) from a multi-day ​rally as investors digested the ramifications of the United Arab ⁠Emirates‘ surprise decision to quit OPEC, though supply disruptions from the stalemated Iran war support the market.

Brent crude futures for June dipped 1% to $111.25 a barrel by 0413 ‌GMT, having climbed for the previous seven sessions. The June contract expires on Thursday (April 30, 2026) and the more active July contract down 28 ‌cents at $104.12.