Oil prices ease after rally as UAE exits OPEC; Iran conflict, Hormuz blockade keep supply concerns high
Gasoline inventories fell by 8.47 million barrels, while distillate inventories fell by 2.60 million barrels. File
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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.
Published – April 29, 2026 11:56 am IST
