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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $3.56 to $99.93 on the New York Merc, while Brent for June added $3.03 to $111.26 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.60 to WTI, down from a discount of $22.70. Natural gas for May was unchanged at $2.55. The TSX energy index added 8.22 points to close at 415.57.

Oil prices kept rising on mixed messages about negotiations to end the U.S.-Iran war and reopen the Strait of Hormuz. Markets were also hit today by the surprise exit of the United Arab Emirates from OPEC (and OPEC+) after 60 years of membership. The UAE's energy ministry said leaving OPEC would provide greater flexibility to respond to a "new energy age" in line with its "strategic and economic vision" -- or in other words, it wants more freedom to boost production without being hamstrung by OPEC's production quotas.

While the UAE is not the first country to rip up its OPEC membership card -- other recent exits include Angola in 2024, Ecuador in 2020 and Qatar in 2019 -- it is the third-largest oil producer and a core member of the Gulf bloc, and its exit is expected to weaken the group considerably. Notably, although the UAE had historically aligned itself with OPEC's de facto leader, Saudi Arabia, their relationship became frostier in the last five years as they (sometimes publicly) sparred over production quotas and geopolitics. The decision to leave was taken without consulting Saudi Arabia, laying bare the internal tensions.

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