Brent futures slipped 0.6% to $110.65/barrel and WTI fell 0.9% to $99.05/barrel after peaking at three‑week highs yesterday.
The United Arab Emirates announced its exit from OPEC effective Friday, citing national interests and potential production increase.
Hormuz Strait remains closed since late‑February, disrupting about 20% of global oil supplies and limiting any production gains.
Tensions over the U.S.–Israel war on Iran persist, with US naval blockade and stalled talks hindering a quick reopening of Hormuz.