OPEC Plus is in the headlines as UAE exits OPEC amid Middle East energy shock, rebooting a 11-member cartel dynamics. Background: major Gulf producers lockstep, Saudi-led.
As of March 13, 2026, the Strait of Hormuz remains effectively closed due to ongoing conflict between the US, Israel, and Iran. Iranian missile and drone attacks, alongside US and Israeli strikes, have halted tanker traffic through this vital waterway, which carries about 20% of global oil. The closure has caused surging oil prices, soaring insurance costs, and widespread shipping disruptions, with major powers considering naval escorts to reopen the route.
Energy markets remain volatile as Iran continues attacks across the Arabian Peninsula, while Israel strikes Lebanon. The cease-fire allows ships to pass through the Strait of Hormuz, but full energy production recovery will take months due to damage and logistical challenges. Oil prices have surged, and countries like Egypt are implementing energy-saving measures.
UAE’s withdrawal will leave the oil group with 11 member countries, including Saudi Arabia, Iran, and Iraq