Oil markets are navigating a period of unprecedented volatility after the UAE announced its withdrawal from OPEC and the OPEC+. View on euronews

The United Arab Emirates said Tuesday it will exit OPEC, while the Trump administration seemed unlikely to accept Iran's offer to reopen the Strait of Hormuz if the U.S. ends its blockade and the war.

But the announcement April 28 that the UAE was leaving OPEC caps years of tension where the desert state chafed under the cartel’s quotas, and recently, encountered severe strain in its relationship with Saudi Arabia,

US Iran war LIVE updates: Iran said it would open the Strait of Hormuz only after US-Israeli aggression ends, while its army claimed the war in West Asia is still ongoing and that it has full control of the strait.

The Trump administration seems unlikely to accept Iran’s offer to end the war and its chokehold on the Strait of Hormuz. The proposal delivered by Pakistan calls for the U.S. to lift its blockade