Brent fell 0.6% to $110.65/bbl and WTI dropped 0.9% to $99.05/bbl after reaching three‑week highs.
UAE announced its exit from OPEC effective Friday, citing national interests and likely to boost its oil output.
The Strait of Hormuz remains closed since late‑February, cutting about 20% of global oil supply and limiting production gains.
Ongoing U.S.–Iran tensions and stalled peace talks keep oil market uncertainty high despite price declines.