UAE Quits OPEC After 60 Years, Oil Hits $117 as Iran War Blockade Triggers Chaos

UAE Quits OPEC After 60 Years, Oil Hits $117 as Iran War Blockade Triggers Chaos UAE Quits OPEC After 60 Years: A Blow to Saudi Arabia Amid Iran War Oil Hits $117 on ‘Extended’ Iran Blockade Reports Israel Deploys Iron Dome in UAE, Reshaping Middle East Defense UAE Quits OPEC: Fallout from Iran War Ships on Fire: Why the “Ceasefire” in Iran Looks Like War Middle East crisis could cost global economy $1tn as oil firms rake in ‘obscene’ profits Oil Slick From Bombed Iranian Ship Heads for Protected Wetland Middle East Conflict Diverts Medical Tourists to Malaysia EU wants ‘lasting peace’ in Mideast—and Strait of Hormuz open. Iran Nuclear Deal? Strait of Hormuz talks stall as Lebanon ceasefire fails. Iran’s Quiet Revolution: Life Returns to Normal in Tehran Eid Prayers Echo as War Thunder Rolls in Middle East Arab Creators Use Dark Jokes to Survive the War The United Arab Emirates announced it is leaving OPEC after six decades, dealing a major blow to Saudi Arabia and the oil cartel amid the worst supply crisis in history [136479]. The decision comes as crude oil prices surged to $117 a barrel on reports that Iran is extending its naval blockade in the Middle East [136310]. The UAE has been privately pushing for counterattacks against Iranian strikes, feeling that the regional response has been weak [136479]. The feud between the two Gulf powers turned public in December when Saudi Arabia bombed what it called an UAE-linked arms shipment in Yemen [136479]. Israel secretly deployed its Iron Dome missile defense system and troops to the UAE early in the war with Iran, according to Israeli and US officials [136011]. Analysts call the move a “watershed moment” in Middle Eastern security, marking the first time Israel has used its advanced air defense technology to protect an Arab neighbor [136011]. The Strait of Hormuz, through which about 20% of the world’s oil passes, remains a flashpoint [135897]. Efforts to revive peace talks have stalled as a fragile ceasefire between Israel and Hezbollah fails in Lebanon [135897]. Ships are on fire in the strait, and while diplomats call the current situation a ceasefire, the reality looks like war, just repackaged [135681]. The European Commission’s president called for a permanent end to the war and the full reopening of the Strait of Hormuz [135915]. The United States is reviewing Iran’s latest proposal to reopen the critical waterway, but has not yet accepted or rejected the offer [135897]. An oil spill from a damaged Iranian military ship, the Shahid Bagheri, is now threatening the Hara mangrove forest—one of the Middle East’s most important wetlands [123126]. The drone carrier was struck by a US warplane during the opening days of the attack on Iran and has been leaking heavy fuel oil near the Strait of Hormuz [123126]. The Middle East crisis could cost the global economy up to $1 trillion in extra costs, while oil companies rake in massive profits from higher fuel prices [135286]. Meanwhile, Dubai has faced Iranian missile and drone attacks, forcing medical tourists to seek safer destinations like Malaysia for treatment [105998]. Despite the ongoing conflict, Iran’s capital has returned to a semblance of normal life since the ceasefire, with society undergoing a major transformation [135347]. Muslims across the region marked Eid al-Fitr under the shadow of war, with traditional dawn prayers heard against a backdrop of distant conflict [107728]. Arab digital creators are using dark gallows humor to cope with the pain of the wars [136076].