Global Energy Markets

The United Arab Emirates announced it will permanently leave OPEC effective Friday, May 1, 2026, a move that immediately threatens the cartel's ability to manage global oil supplies. The United Arab Emirates made the declaration on Tuesday, April 28, 2026.

Former President Donald Trump pledged gas prices would "come roaring down" once the Iran war ends, claiming immediate relief for US drivers. Traders, energy officials and airlines say prices and supplies are more complex and slower to unwind than that claim. U.S. pump prices average about $4.05 per gallon now, roughly $1 higher than before the war and about 21% above last month per BLS and AAA readings. Jet fuel costs have roughly doubled, climbing from about $99 a barrel in late February to as high as $209 in early April, forcing carriers to cut routes and raise fees. IEA chief Fatih Birol warned Europe may have "maybe six weeks" of jet fuel left, with some countries down under 20 days of coverage and risk of physical shortages.