Why are oil prices surging toward $120, and what is the central geopolitical obstacle preventing relief?

Oil prices are surging toward $120 because there is 'no end in sight to the US-Iran conflict' and 'choked-off energy flows through the Strait of Hormuz', which has caused a 'record supply shock and a global energy crisis'; the central obstacle is the US naval blockade, which Iran insists it will not restart negotiations or reopen the Strait of Hormuz 'as long as the restrictions stay in place'.

What recent development involving the UAE adds further instability to global oil markets, and why did it occur?

The United Arab Emirates announced it will leave OPEC, a move that 'blindsides OPEC and threatens to shake its grip on oil', because 'the shortage caused by the war will require agility to respond to market demands without being constrained by the collective decision-making process by the wider group'.

Oil Charges Toward $120 With No End in Sight to US-Iran War

Apr 29, 2026

Crude oil prices surged over 7% toward $120 per barrel amid escalating US-Iran tensions threatening Strait of Hormuz flows. Concurrently, the UAE's decision to exit OPEC adds further volatility to global energy supply concerns.

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Oil Charges Toward $120 With No End in Sight to US-Iran War

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