Published On 4/29/2026
Oil prices moved near their highest levels in about a month, with continued volatility in global markets, in light of escalating tensions related to the disruption of navigation in the Strait of Hormuz and the UAE’s decision to withdraw from the OPEC alliance, according to what Reuters reported.
Updated data showed that Brent crude settled at about $111.69 per barrel, up by 0.39%, while West Texas Intermediate crude recorded $99.74, down by 0.19%, according to data from the Oil Price platform.
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Uneven movements in the materials
UAE Murban crude recorded a remarkable rise to $106.70, an increase of 2.41%, while West Texas Midland crude rose to $103.56, an increase of 2.8%, indicating the continuation of spot market premiums linked to supply risks.
On the other hand, Oman crude fell to $103.48, down 1.75%, and the OPEC basket fell to $107.62, down 0.66%, which reflects a discrepancy in pricing between raw materials linked to actual supplies and those affected by institutional factors.
OPEC shock
In parallel, the UAE’s decision to withdraw from OPEC added a new layer of uncertainty, as Investing.com indicated that the move represents a “blow” to the alliance at a time when it is facing unprecedented turmoil.
According to what the platform reported, the UAE seeks to focus on “national interests,” with expectations of increasing its oil production in the future, although any actual increase will remain linked to the reopening of the Strait of Hormuz.
The current movements indicate that the market is reacting directly to geopolitical developments, as fears of the continuation of the blockade and the faltering talks between Washington and Tehran pushed prices to maintain high levels.
