UAE Leaves OPEC Amid Iran War, Iran's Army Declares "War Situation" Despite Ceasefire

The United Arab Emirates has announced its departure from OPEC, a significant blow to the oil cartel, amidst the ongoing US-Israeli war on Iran. Concurrently, Iran's army has stated that the country remains in a "war situation" despite a declared ceasefire, indicating continued high tensions in the region. The conflict has led to major global oil supply disruptions due to Iran's effective closure of the Strait of Hormuz.