Crude oil prices surged above $111 per barrel on Tuesday following the United Arab Emirates, UAE, decision to exit the Organization of the Petroleum Exporting Countries, OPEC.

UAE’s decision to exit OPEC was announced in a statement on Tuesday.

The UAE said the move, which takes effect from May 1, 2026, was based on the country’s national interest.

“This decision follows a comprehensive review of the UAE’s production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to
meeting the market’s pressing needs,” UAE authorities said in a statement.

The UAE’s announcement has stirred uncertainty in the global crude oil market already grappling with nearly two months of war between Iran and the United States-Israel.

Crude oil prices surged by 3 percent to $99.68 and $111.40 per barrel for West Texas Intermediate and Brent crude, respectively.