Brent crude fell 0.6% to $110.65 per barrel, while WTI dropped 0.9% to $99.05, after reaching three‑week highs.
The United Arab Emirates announced its exit from OPEC, effective Friday, citing national interests and likely to boost its output.
The Strait of Hormuz remains closed since late‑February, cutting about 20% of global oil supply and limiting production gains.
Iran's proposal to reopen Hormuz was rejected by the U.S. over nuclear‑talk disagreements, keeping geopolitical risk high.