Daily brief
The United Arab Emirates will leave OPEC on May 1, a move that weakens the oil cartel's influence and follows internal disagreements with Saudi Arabia. OPEC has forecast a bleak future after the exit, while Russia said it will not withdraw from the alliance. (ongoing coverage)
Oil prices surged past $114 a barrel amid supply fears from the Iran conflict, a Strait of Hormuz blockage, and stalled peace talks, fueling inflation concerns and pushing Treasury yields higher.
TotalEnergies raised its dividend as oil trading profits surged, while Phillips 66 beat Q1 estimates on higher refining margins.
The U.S. doubled down on the Hormuz blockade to choke Iran's oil exports, as Saudi Arabia's LPG exports remained disrupted.