Overview
On April 29, 2026, global oil markets softened after a seven‑day rally. The shift was triggered by the United Arab Emirates's unexpected decision to leave OPEC. At the same time, ongoing supply disruptions linked to the stalemated Iran war continued to underpin price support.
Key Developments
- Brent crude futures for June fell 1% to $111.25 per barrel by 0413 GMT.
- The more actively traded July contract slipped 28 cents, trading at $104.12.
- The price correction follows the UAE’s surprise announcement to quit OPEC, ending its participation after four years.
- Despite the dip, supply concerns from the Iran war keep the market from a steep decline.
Important Facts
- June futures contract expires on April 30, 2026.
- July contract remains the most liquid, reflecting market participants' focus on near‑term pricing.
- Price movement is measured in GMT, the global time reference for commodity trading.
Exam Relevance
The episode illustrates the interplay of OPEC decisions, geopolitical risk (e.g., the