Brent crude fell 0.6% to $110.65 per barrel, 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 potential production increase.
Hormuz Strait remains closed since late‑February, disrupting about 20% of global oil supply and limiting any production boost.
Ongoing US‑Iran tensions and stalled peace talks keep oil market uncertainty high despite price dip.