🚨CRUDE OIL SURGES BACK OVER $100‼️
⚡️UAE ANNOUNCES IT WILL WITHDRAWN FROM OPEC+ MAY 1st
WTI Crude is up nearly 4% this morning as hopes fade for a Ceasefire Deal with Iran after Trump dismissed Iran's latest proposal.
Crude oil briefly plunged back below $100/barrel on the headline news that the UAE will withdraw from OPEC+ on May 1st.
After jerking back below $100 on the headline, the market suddenly remembered that the UAE is currently unable to export ANY OIL due to the current situation in the Strait of Hormuz (with no end in sight to the war/standoff) much less INCREASE production.
Even if the war ended today the UAE has sustained so much oil infrastructure damage from Iranian ballistic missile attacks that it seems doubtful the UAE will be able to export more oil than it did prior to the Iran war for the foreseeable future.
OPEC is dead, & crude oil is trading ABOVE $100/barrel. Truly historic times...