Before the Iran war, the UAE produced 3.4 million barrels per day (b/d) of crude oil. It accounted for around 12% of total OPEC output. However, its production capacity has increased to about 4.85 million b/d.

In recent years, the UAE has expressed frustration with OPEC production quotas limiting its output. In 2024, the country’s average crude oil production dropped to 2.95 million b/d due to disruptions caused by the Iran war.

The Iran conflict has severely impacted oil production across the region. Reports indicate a 44% slump in UAE production due to the closure of the Strait of Hormuz. Moreover, 7.88 million barrels of OPEC’s production were wiped out in March as a direct result of this war.

The UAE’s departure from OPEC may lead to further fracturing among remaining members. Analysts suggest that this exit is a blow to OPEC’s influence in the oil market.

The UAE has been politically aligned with Israel and has shown hostility towards Tehran. Its exit is expected to strengthen relationships with the US.

Discussions about leaving OPEC have occurred behind closed doors for several years. The timing of this decision reflects ongoing intra-Gulf disputes over responses to regional conflicts.

Dr. Ebtesam Al-Ketbi stated, “The UAE is redefining its role from a producer within a bloc to a balancing producer that contributes to market stability through its ability to act.” Will Wechsler noted, “It is easy to understand why policymakers in the UAE are no longer interested in being part of this organization.”

Landon Derentz added, “The UAE’s decision to leave OPEC marks a symbolic political blow to the organization’s perceived influence.”

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The UAE joined OPEC in 1967 and remained a member when the UAE was formed in 1971. The exit comes during an energy crisis exacerbated by the ongoing Iran war.

In recent months, Brent crude oil prices have soared, reaching as high as $119.50 a barrel. The price increase reflects tensions in the energy market and challenges faced by Gulf producers.

OPEC Gulf producers have struggled to ship exports through the Strait of Hormuz due to Iranian threats. Anwar Gargash, a prominent political figure, noted that the Gulf Cooperation Council countries supported each other logistically but lacked political and military strength historically.

Gargash stated, “I expect this weak stance from the Arab League and I am not surprised by it, but I haven’t expected it from the [Gulf] Cooperation Council and I am surprised by it.” This highlights concerns over regional security and cooperation.

Donald Trump has criticized OPEC for inflating oil prices. His stance aligns with the UAE’s exit, which some view as a victory for his administration. The UAE criticized fellow Arab states for not doing enough to protect it from Iranian attacks.

This sequence of events indicates a changing landscape in global energy dynamics. The next steps for both OPEC and the UAE remain uncertain as geopolitical factors continue to influence oil prices.

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In its latest assessment, the IMF cut its growth forecasts for 2026, citing the impact of the Iran war. The UK is expected to suffer the sharpest growth downgrade and joint highest inflation rate in the G7 this year due to the conflict. Specifically, the IMF predicts UK economic growth will be 0.8% this year, down from previous forecasts of 1.3%.

UK inflation is anticipated to rise to an average of 3.2% this year, driven by higher energy prices and increased food costs. Additionally, unemployment in the UK is expected to rise to 5.6% this year, up from last year’s rate of 4.9%. The IMF has indicated that the closure of the Strait of Hormuz could lead to an energy crisis on an unprecedented scale, further exacerbating economic conditions.

Rachel Reeves, a prominent UK politician, remarked, “The war in Iran is not our war, but it will come at a cost to the UK.” This sentiment reflects the broader concern that the conflict’s ramifications extend beyond the immediate region, affecting global economic stability.

The IMF’s outlook has abruptly darkened due to the Iran war, with officials noting that the global economic landscape is increasingly precarious. Pierre-Olivier Gourinchas, the IMF’s chief economist, stated, “Despite the recent news of a temporary ceasefire, some damage is already done, and the downside risks remain elevated.”

Historically, the IMF estimates that global growth has only fallen below 2% four times since 1980, with the most recent occurrences linked to the global financial crisis and the Covid-19 pandemic. Under a worst-case scenario involving a drawn-out war, the IMF stated the world would face a close call for a global recession for only the fifth time since 1980.

The impact of the Iran war on global oil supply is being compared to the fallout from the 1970s oil crisis, highlighting the potential for significant disruptions in energy markets. As the situation evolves, observers are closely monitoring developments, particularly regarding the conflict’s impact on global economic indicators.

Details remain unconfirmed regarding the full extent of the economic fallout, but the IMF’s warnings serve as a critical reminder of the interconnectedness of global economies and the far-reaching consequences of geopolitical conflicts.

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Palm Sunday is a significant day in Christianity, commemorating Jesus’ triumphant entry into Jerusalem. This event marks the beginning of Holy Week for Christians who follow the Latin calendar, culminating in Easter celebrations. Traditionally, this day is observed with a procession where tens of thousands of Christians walk from the Mount of Olives to the Old City, waving palm fronds and singing hymns.

However, this year, on March 29, 2026, the situation in Jerusalem has taken a troubling turn. Israeli police have prevented Catholic leaders from entering the Church of the Holy Sepulchre to celebrate mass on Palm Sunday, a move that has not occurred for centuries. The Latin Patriarchate of Jerusalem expressed deep concern over this decision, describing it as “a manifestly unreasonable and grossly disproportionate measure.”

Farid Jubran, a representative from the Latin Patriarchate, stated, “It’s a very, very sacred day for Christians, and in our opinion, there was no justification for such a decision or such an action.” The Church of the Holy Sepulchre has been hosting masses that are not open to the public since the onset of the Iran war on February 28, which has led to increased security measures and restrictions on worshippers.

Italian Prime Minister Giorgia Meloni criticized the police action against Catholic leaders, calling it “an insult not only to the faithful, but also to every community recognizing freedom of worship.” The United States also weighed in, describing the incident as “an unfortunate overreach.” These statements reflect a growing concern over the implications of such restrictions on religious freedoms in Jerusalem.

In Lebanon, Catholics observed Palm Sunday amid escalating tensions between Israel and Hezbollah. The ongoing conflict has resulted in significant casualties, with at least 1,238 people killed and more than 3,500 wounded in Israeli attacks since March 2. Israeli troops have launched a ground invasion, advancing towards the Litani River, while Hezbollah has claimed dozens of operations against Israeli forces in the past 24 hours.

As the situation develops, observers are closely monitoring the implications for religious practices in Jerusalem. Emmanuel Macron emphasized the need for the free exercise of worship in the city, stating, “The free exercise of worship in Jerusalem must be guaranteed for all religions.” This sentiment underscores the importance of religious freedom, especially during significant observances like Palm Sunday.

As tensions continue to rise, the future of religious gatherings in Jerusalem remains uncertain. The restrictions imposed by Israeli authorities have sparked outrage among various communities, and many are calling for a reassessment of policies that affect the freedom of worship. Details remain unconfirmed regarding any potential changes to the current restrictions, but the situation is being watched closely by both local and international observers.

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“Very little of our energy comes through the Strait of Hormuz. It’s the world that has a great interest in that, so they should step up and deal with it,” stated Marco Rubio, the U.S. Secretary of State and National Security Adviser, as he seeks to garner support for the Iran war among G7 allies during a meeting in France.

The ongoing Iran war has led to significant disruptions in global energy supplies, particularly due to a blockade of the Strait of Hormuz, through which one-fifth of the world’s oil passes. This situation has caused a surge in energy prices and has disrupted the global supply of essential commodities, including fertilizers.

European countries have expressed a lack of interest in entering the Iran war, complicating Rubio’s efforts to build a coalition. The OECD has predicted that global inflation will rise to 4% as a direct consequence of the conflict, further straining economies worldwide.

In the United States, the war has contributed to a notable decline in stock prices, reflecting broader economic concerns. Rubio has been in Trump’s cabinet for 14 months, managing to survive with minimal criticism, which some observers attribute to his perceived stability compared to others.

“The halt in shipments through the Strait of Hormuz and the closure and damage of some energy infrastructure has generated a surge in energy prices and disrupted the global supply of energy and other important commodities,” Rubio noted, highlighting the far-reaching impacts of the conflict.

Despite the challenges, Rubio’s position remains crucial as he navigates the complexities of international diplomacy in this volatile situation. His efforts to engage G7 allies come at a time when the future of U.S. policy towards Iran remains unclear.

Details remain unconfirmed regarding the exact date of the G7 meeting, but the urgency of the situation underscores the need for a coordinated response to the ongoing crisis.

As the conflict continues, the implications for global trade and economic stability are significant, with many watching closely to see how Rubio’s diplomatic endeavors will unfold.

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What are the implications of the ongoing Iran war on the UK economy? This question is at the forefront of an emergency Cobra meeting chaired by Sir Keir Starmer, which aims to address the economic fallout from the conflict.

Starmer has emphasized the need for a comprehensive discussion on all available government measures to tackle the escalating cost of living crisis, which has been exacerbated by the Iran conflict. He stated, “I am asking for every lever that’s available to the government to deal with the cost of living to be discussed at Cobra.” This meeting includes senior ministers and the governor of the Bank of England, Andrew Bailey.

The meeting comes in response to a projected £332 rise in the energy price cap this July, bringing the total to £1,973. This increase is largely attributed to the blockade of the Strait of Hormuz, which has resulted in 20 percent of the world’s oil and gas being blocked, significantly impacting energy prices.

In light of these developments, the government is also considering measures to combat profiteering in the energy sector. A new anti-profiteering framework is expected to empower regulators like the Competition and Markets Authority (CMA) to address price gouging effectively.

Starmer remarked, “Today we’re looking at the economic impact,” highlighting the urgency of the situation. The Prime Minister has acknowledged the devastating nature of the conflict but noted that families are increasingly concerned about its direct effects on their lives.

As the Cobra meeting unfolds, the government is under pressure to respond swiftly to the economic challenges posed by the Iran war. While discussions are ongoing, details remain unconfirmed regarding specific measures that may be implemented as a result of this meeting.

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On March 22, 2026, the conflict between the United States and Iran escalated dramatically, following a surprise strike by Israel that killed Iran’s supreme leader, Ayatollah Ali Khamenei. This military action, which began on February 28, has resulted in the deaths of 13 U.S. service members and over 1,400 Iranians.

The Iranian regime has retaliated by effectively closing the Strait of Hormuz, a critical waterway through which one-fifth of the world’s traded oil flows. Leon Panetta, former CIA director and Secretary of Defense, emphasized the strategic vulnerability posed by this closure, stating, “This is not rocket science to understand that if you’re going to conduct a war with Iran, one of the great vulnerabilities is the strait of Hormuz.” He further noted the difficult choices facing U.S. leadership regarding the conflict.

As the war continues, the economic ramifications are becoming increasingly apparent. The stock market has reacted negatively, with the S&P 500 dropping 1.9% last week and down 6.8% from its January 27 closing high of 6,978.60. Federal Reserve Chair Jerome Powell remarked, “The thing I really want to emphasize is that nobody knows” how the ongoing conflict will affect the economy.

The Federal Reserve has maintained its benchmark interest rate target range at 3.5% to 3.75%, despite raising projections for GDP growth and inflation expectations in the near term. However, the uncertainty surrounding the conflict continues to weigh heavily on market sentiment, with the S&P 500 down 5% year-to-date.

Details remain unconfirmed regarding the timeline of the conflict and its broader economic impact. Observers are particularly focused on the potential for a ceasefire and the conditions that might lead to such an agreement. Panetta has suggested that effective communication with allies is crucial, stating, “If you’re planning a war, it’s not a bad idea to talk to your allies.”

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Joe Kent has resigned as the director of the National Counterterrorism Center, a position he held for less than eight months. His resignation, announced on social media platform X, marks a significant moment in the ongoing debate over U.S. military involvement in the Iran war. Kent’s departure is notable not only for its timing but also for the strong statements he made regarding U.S. foreign policy.

In his resignation letter, Kent expressed his inability to support the ongoing war in Iran, stating, “I cannot in good conscience support the ongoing war in Iran.” He further claimed that Iran posed no imminent threat to the United States and criticized the influence of Israel on U.S. foreign policy, asserting that the war was initiated due to pressure from Israel and its powerful American lobby.

Kent’s military background is significant; he completed 11 combat deployments as a former soldier with the U.S. Army Special Forces. His personal experiences, particularly the loss of his wife, Shannon Kent, who was killed in a suicide bombing in Syria in 2019, have shaped his views on military intervention. This context adds depth to his resignation and the concerns he raised.

His resignation is the highest-profile rebuke of the Iran war from within the Trump administration, highlighting a division among Republicans regarding military engagement in the Middle East. Kent’s confirmation by the Senate was a narrow one, passing with a vote of 52 to 44, indicating that his views may not align with the broader party consensus.

Reactions to Kent’s resignation have been mixed. Donald Trump, the former president, remarked that he always thought Kent was weak on security, stating, “I always thought he was a nice guy, but I always thought he was weak on security.” This comment reflects the tension within the party regarding national security and foreign policy strategies.

Conversely, some supporters have defended Kent’s stance. Tucker Carlson, a prominent media figure, praised Kent, saying, “Joe is the bravest man I know, and he can’t be dismissed as a nut.” This support underscores the complexities of the political landscape surrounding military intervention and the differing opinions within the Republican Party.

As the situation evolves, Kent’s resignation may prompt further discussions about U.S. military policy in the region and the influence of foreign nations on American decisions. Details remain unconfirmed regarding the immediate implications of his resignation on the National Counterterrorism Center and U.S. foreign policy moving forward.

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A drone strike occurred near Dubai International Airport (DXB) on March 16, 2026, igniting a fuel tank and causing significant disruptions to airport operations. All Emirates flights to and from the airport were briefly cancelled as a precautionary measure.

The incident unfolded when Emirates flight EK24, which had departed from Edinburgh at 9:30 PM, was forced to divert back to Edinburgh after the drone strike. The flight was scheduled to land in Dubai at 8:50 AM but instead landed back in Edinburgh at 6:48 AM GMT.

Fortunately, Dubai Civil Defence teams responded quickly, containing the blaze and ensuring that no injuries were reported. The swift action of emergency services helped prevent a potentially more severe incident.

In the aftermath of the strike, the Dubai Civil Aviation Authority announced a gradual resumption of some flights after the temporary suspension. By 10 AM, Emirates expected to resume services, with the equivalent time for the expected resumption being 6 AM GMT.

Passengers were advised to check with their airlines for the latest updates regarding their flights, as the situation remained fluid. Emirates issued an apology for the disruption, emphasizing that the safety of passengers and crew is their highest priority.

The drone incident is part of a broader context, as Dubai has recently been targeted in drone and missile attacks linked to the ongoing conflict involving Iran. This escalation raises concerns about the security of air travel in the region.

As the situation develops, further updates are anticipated from both Emirates and the Dubai Civil Aviation Authority. Details remain unconfirmed regarding the full impact of the incident on future flight schedules.

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A drone strike occurred near Dubai International Airport (DXB) on March 16, 2026, igniting a fuel tank and leading to immediate safety concerns. As a result, all Emirates flights to and from the airport were briefly cancelled, significantly impacting travelers and operations.

The incident unfolded when Emirates flight EK24, which had departed from Edinburgh at 9:30 PM, was forced to divert back to Edinburgh after the strike. The flight was scheduled to land in Dubai at 8:50 AM but instead returned to Edinburgh, landing at 6:48 AM GMT.

In response to the drone strike, Dubai Civil Defence teams quickly contained the blaze, and fortunately, no injuries were reported. The Dubai Civil Aviation Authority announced that some flights would gradually resume after the temporary suspension, with Emirates expecting services to resume by 10 AM local time.

Emirates issued an apology for the disruption, stating, “Unfortunately, some flights from today’s schedule have been cancelled,” and emphasized that “the safety of our passengers and crew is our highest priority.” Passengers were advised to check with their airlines for the latest updates regarding their flights.

This incident is part of a broader pattern, as Dubai has recently been targeted in drone and missile attacks linked to the ongoing Iran war. The situation remains tense, and authorities are on high alert.

The Dubai Media Office confirmed the drone incident, stating, “A drone incident in the vicinity of Dubai International Airport (DXB) affected one of the fuel tanks.” As the situation develops, further updates from Emirates and local authorities are expected.

Details remain unconfirmed regarding the origin of the drone strike and whether any specific group was responsible. The international community is closely monitoring the situation as it unfolds.

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