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The Latest: United Arab Emirates says it will exit OPEC, while US-Iran negotiations stall

The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers. While the announcement doesn’t change anything regarding the blockage of the Strait of Hormuz, it could help lower oil prices after the war if the UAE increases its production capacity. On Tuesday, Brent crude oil traded above $111 a barrel, over 50% higher than its prewar price. Iran offered to end its chokehold on the Strait of Hormuz if the U. S. on...

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