OPEC+

Iran conflict shuts down the world's most important oil chokepoint

Approved emergency production increase for April 2026

The Iran-US war reached its 73rd day with talks at a deadlock. Trump called Iran's May 10 response 'garbage' and declared the ceasefire on 'massive life support'; the US wants Iran to halt enrichment for 12 years and hand over 440 kilograms of enriched uranium, while Iran is demanding war reparations and full Hormuz sovereignty.

Updated 5 days ago

Global oil shock as Iran war shuts down the Strait of Hormuz

Built World

Attempting to offset supply disruption with modest production increases

The April 8 ceasefire lasted less than 24 hours — Iran re-closed the Strait of Hormuz the next day. The U.S. responded with a naval blockade of Iranian ports by April 12, and oil surged to $126 per barrel by late April.

Updated 5 days ago

UAE exits OPEC after 59 years, removing 13% of cartel capacity

Money Moves

Loses second-largest Gulf producer

The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency. Officials cite quotas that capped UAE output near 3.2 million barrels a day despite physical capacity at Abu Dhabi National Oil Company (ADNOC) closer to 5 million. The exit is the largest single departure since Angola left in 2024, and it reshapes the strategic balance between Riyadh and Abu Dhabi.

Updated Apr 30

US strikes dismantle Iran's surface fleet after Strait of Hormuz blockade attempt

Force in Play

Increasing production to offset Hormuz disruption

The last time the United States sank Iranian warships was April 18, 1988. Thirty-eight years later, American forces destroyed nine Iranian naval vessels in a single day and demolished the country's naval headquarters at Chabahar, on the Gulf of Oman. The strikes came after Iran attempted to blockade the Strait of Hormuz, the 21-mile-wide passage through which roughly one-fifth of the world's oil supply flows, broadcasting radio warnings that no commercial ship would be allowed to pass.

Updated Mar 1

Global oil markets enter oversupply era

Money Moves

Holding 3.24 million barrels per day in cuts, delaying planned unwind

Brent crude averaged $80 per barrel in 2024. The U.S. Energy Information Administration now forecasts it will fall to $58 in 2026 and $53 in 2027—a decline of more than one-third in three years. The reason: global oil production is growing faster than demand, and inventories are piling up at a rate not seen since the pandemic.

Updated Feb 11