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Millie Giles

US and Iran trade strikes overnight amid peace talks

Hours after President Donald Trump dismissed a report regarding a deal to restore traffic through the Strait of Hormuz, the US and Iran exchanged fresh strikes early on Thursday.

Despite an ongoing ceasefire as the countries hold talks to end the conflict, the US carried out new strikes inside Iran, The Guardian reports, prompting a retaliatory attack from Iran on a US airbase in Kuwait.

Escalating tensions have seen oil prices rise on fears of a Hormuz deal faltering, with Brent crude rising more than 4% at one point, climbing over $98 a barrel before retreating back toward $96.50. The US dollar also edged slightly higher Thursday.

The potential of fresh hostilities has seen emerging market stocks in Asia drop from record highs and European shares dip. US risk assets have fallen slightly, with CNBC reporting S&P 500 futures down more than 0.2%.

US and Iran exchange strikes as Hormuz deal hopes falter

Escalating tensions have seen oil prices rise on fears of a Hormuz deal faltering, with Brent crude rising more than 4% at one point, climbing over $98 a barrel before retreating back toward $96.50. The US dollar also edged slightly higher Thursday.

The potential of fresh hostilities has seen emerging market stocks in Asia drop from record highs and European shares dip. US risk assets have fallen slightly, with CNBC reporting S&P 500 futures down more than 0.2%.

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Millie Giles
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The US honey industry is in a bit of a sticky spot

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A Nepali Sherpa just broke his own Everest ascent record amid busiest year for permits ever

When it comes to the world’s tallest mountain, it’s not so lonely at the top.

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Analyst: US could see $5 gas by Memorial Day, $6 per gallon on the table

Gas could hit $5 per gallon by Memorial Day, $6 by later in the summer: “Nothing’s impossible at this point.”

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world
Tom Jones

The UAE’s OPEC exit will hit the group in the barrels

After just shy of 60 years in OPEC, its membership even predating its status as a nation-state, the United Arab Emirates yesterday announced its shocking departure from the oil production group, effective May 1, as the knock-on effects of the Iran war continue to play out across the Middle East and the energy landscape.

For context, the UAE produces the third-highest amount of oil in the group, per April data and OPEC’s latest set of annual statistics.

According to the cartel’s 2025 Annual Statistical Bulletin, the OPEC group was collectively exporting some 19 million barrels of crude oil a day last year, with the United Arab Emirates accounting for some 14% of that daily output.

UAExit means UAExit

The nation, whose energy minister told Reuters yesterday that the decision was taken “after a careful look at current and future policies related to level of production” and wasn’t made following discussions with any other country, made up a healthy share of the group’s total confirmed crude oil reserves, as well.

OPEC exports chart
Sherwood News

Of the 12 nations in the core group, which was founded by just five oil superpowers back in September 1960, only two (Iraq and Saudi Arabia) exported more barrels of crude oil daily, pumping out 3.36 million and 6.05 million barrels, respectively, each day to nations around the world.

For its part, the UAE said it will “continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions,” per the official state news agency. Clearly, the nation now wants a little more control of just how much oil it can pump around the world, with the UAE having to eat a large proportion of lost revenues due to its healthy abundance and OPEC restrictions.

UAE quits OPEC, citing desire to be “meeting the urgent needs of the market”

UAE quits OPEC, citing desire to be “meeting the urgent needs of the market”

According to the cartel’s 2025 Annual Statistical Bulletin, the OPEC group was collectively exporting some 19 million barrels of crude oil a day last year, with the United Arab Emirates accounting for some 14% of that daily output.

UAExit means UAExit

The nation, whose energy minister told Reuters yesterday that the decision was taken “after a careful look at current and future policies related to level of production” and wasn’t made following discussions with any other country, made up a healthy share of the group’s total confirmed crude oil reserves, as well.

OPEC exports chart
Sherwood News

Of the 12 nations in the core group, which was founded by just five oil superpowers back in September 1960, only two (Iraq and Saudi Arabia) exported more barrels of crude oil daily, pumping out 3.36 million and 6.05 million barrels, respectively, each day to nations around the world.

For its part, the UAE said it will “continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions,” per the official state news agency. Clearly, the nation now wants a little more control of just how much oil it can pump around the world, with the UAE having to eat a large proportion of lost revenues due to its healthy abundance and OPEC restrictions.

Tom Jones
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Sabastian Sawe just broke the 2-hour marathon barrier in $450 Adidas “supershoes”

Another Adidas athlete also beat the 120-minute mark in London yesterday.

2026 TCS London Marathon

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