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Oil prices ease after rally as UAE exits OPEC; Iran conflict, Hormuz blockade keep supply concerns high – Cash My Currency- Financial Updates | Business Blog Post | Financial Guest Posting Services
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Oil prices ease after rally as UAE exits OPEC; Iran conflict, Hormuz blockade keep supply concerns high

Oil prices ease after rally as UAE exits OPEC; Iran conflict, Hormuz blockade keep supply concerns high

Gasoline inventories fell by 8.47 million barrels, while distillate inventories fell by ​2.60 million barrels. File
| Photo Credit: Getty Images/iStockphoto

Oil prices eased on Wednesday (April 29, 2026) from a multi-day ​rally as investors digested the ramifications of the United Arab ⁠Emirates‘ surprise decision to quit OPEC, though supply disruptions from the stalemated Iran war support the market.

Brent crude futures for June dipped 1% to $111.25 a barrel by 0413 ‌GMT, having climbed for the previous seven sessions. The June contract expires on Thursday (April 30, 2026) and the more active July contract down 28 ‌cents at $104.12.

Published – April 29, 2026 11:56 am IST

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