UAE Quits OPEC as War Upends Oil Markets

Good morning. In a blow to OPEC amid sweeping turmoil in energy markets, the United Arab Emirates is set to quit the group. Meanwhile, lingering doubts over the payoff from massive AI investments continue to weigh on markets. Closer to home, Fortescue’s deputy chairman spoke to us about rising costs linked to the Iran war and China’s growing influence. Across the Tasman, New Zealand got its hands on a lot more diesel — Angus Whitley, Global Business reporter

The United Arab Emirates will leave OPEC next month, in a significant blow to the group that raises questions about its future at a time when the industry is grappling with the massive supply disruption caused by the Iran war. It’s the latest indication of how the conflict is reshaping global energy markets: