Crude oil prices for the June futures were trading above $111 per barrel (bbl) during the early hours on Wednesday, April 29, as the Strait of Hormuz risk looms over global market investors amid UAE’s recent move to announce an exit from the OPEC+ nations.
The United Arab Emirates (UAE) on April 28 said that it will exit the Organisation of the Petroleum Exporting Countries (OPEC+) effective May 1, 2026, as a part of the country’s long-term strategic and economic vision.
Oil prices today
Global benchmark Brent crude oil prices for the June futures were up 0.31% to $111.60 per bbl as of 7:16 am (IST) on Wednesday, April 29, compared to their previous market close of $111.26 per bbl.
In the last five days, the crude oil prices have gained 9.55%, according to the data collected from Barchart.
The US-based West Texas Intermediate (WTI) crude oil prices of the June futures were trading 0.24% higher at $100.47 per bbl as of 7:20 am (IST) on Wednesday, compared to $99.93 per bbl at the previous market close.
Investing.com data also showed that during Tuesday’s market session, the WTI crude prices surged to hit $101.81 per bbl after opening at around $96.5 per bbl levels.
For the Brent July futures, the prices were trading 0.21% higher at $104.61 per bbl as of 7:25 am (IST), compared to $104.26 at the previous market close, according to the exchange data.
What’s fuelling oil prices today?
Crude oil prices were witnessing high volatility and significant pressure during Wednesday’s market due to the dynamic geopolitical cues from West Asia, with no certain plan for a potential peace deal between the United States and Iran, and the UAE’s exit from OPEC+ nations.
US President Donald Trump, in a Truth Social post, said that Iran has allegedly informed the United States that they are in a “State of Collapse” and is looking to open up the key trading route, Strait of Hormuz, as soon as possible.
“Iran has just informed us that they are in a ‘State of Collapse.’ They want us to ‘Open the Hormuz Strait,’ as soon as possible, as they try to figure out their leadership situation (Which I believe they will be able to do!),” said Trump in his post.
Although Trump has been positive about Iran’s potential to come up with a peace deal, in a separate post, the US leader mentioned that Iran having nuclear weapons can potentially hold the entire world hostage.
“He doesn’t know what he’s talking about! If Iran had a Nuclear Weapon, the whole World would be held hostage. I am doing something with Iran, right now, that other Nations, or Presidents, should have done long ago,” said Donald Trump.
The sentiment in the market was also heightened due to the UAE’s exit from OPEC+ alliance, but the country said that it would continue to supply oil “in a gradual and measured manner,” in line with global demand and market conditions, even after leaving.
Investors remained cautious in trading based on the developing geopolitical developments, as the focus remained on any signs of a peace deal relief for the markets. People were also looking forward to the US Federal Reserve’s two-day policy meeting outcome.
Gold prices today
The New York Mercantile Exchange-based COMEX gold prices were trading flat as the currency witnessed pressure from the global benchmark US dollar amid the higher oil prices in the market.
The gold prices were trading 0.06% higher at $4,611.20 per ounce as of 10:06 pm (ET) on Tuesday, April 28, compared to $4,608.40 per ounce at the previous commodity market close, according to the exchange data.
The gold prices were slightly higher on Wedneday’s market, India time, as traders focused on the lowering dollar rate in the market. Buyers tend to buy more of the precious yellow metal if the US dollar depreciates, as they will receive more quantity at the same price.
Bloomberg US Dollar spot index (DYX) data showed that the greenback was trading 0.03% lower at 98.615 as of 10:06 pm (ET) on Tuesday, compared to the previous currency market close levels.