UAE Quits OPEC as Iran War Shatters Global Oil Markets — Trump Warns Iran ‘Better Get Smart Soon’
The UAE will leave OPEC effective May 1 as the Iran war enters Day 60 with oil prices up 50%. Trump warns Iran to ‘get smart’ as ceasefire talks stall and the Strait of Hormuz standoff deepens.
Major developments on Day 60 of the Middle East conflict
Juba, South Sudan — April 29, 2026 — The United Arab Emirates has announced it will withdraw from OPEC effective May 1, stripping the oil cartel of one of its largest producers amid the ongoing Iran war that has sent crude prices soaring more than 50% above pre-war levels.
The UAE’s shock exit came as US-Iran ceasefire talks stalled, with President Donald Trump warning Iran to “better get smart soon” in a provocative Truth Social post featuring a mocked-up image of himself holding a gun. The Trump administration appeared unlikely to accept Iran’s offer to reopen the Strait of Hormuz — through which a fifth of all traded oil and natural gas passes — in exchange for the U.S. ending its blockade and the war.
US Secretary of State Marco Rubio effectively ruled out any deal that excludes Iran’s nuclear program, dashing hopes for a swift resolution.
Strait of Hormuz Standoff
Since the conflict erupted 60 days ago, Iran has restricted movement through the Strait of Hormuz while the U.S. enforces a blockade of Iranian ports. The US military announced Tuesday it boarded and released a commercial ship in the Arabian Sea east of the strait suspected of heading for Iran — bringing the total of redirected vessels to 39 since the blockade began.
The UAE’s departure, driven by frustration with OPEC production quotas that capped its output at well below its 4.3 million barrel-per-day capacity, could help lower oil prices after the war if Abu Dhabi ramps up production. Analysts at CNBC warned the exit could trigger further departures from the cartel, potentially making OPEC “irrelevant.”
Human Toll
Since the war began, at least 3,375 people have been killed in Iran and over 2,500 in Lebanon amid fighting between Israel and Iran-backed Hezbollah. Another 23 have been killed in Israel. The regional toll includes 16 Israeli soldiers, six UN peacekeepers, 13 US service members, and at least 10 crew members on commercial ships.
Bahrain’s Foreign Minister Abdullatif bin Rashid Al-Zayani urged the international community “to shift from crisis management to finding solutions,” calling for constructive dialogue and an end to Iran’s nuclear, missile, and drone programs.
This is a breaking news story. More updates to follow.
