Brent crude futures fell $1.54, or 1.47%, to $103.18 a barrel by 0154 GMT while US West Texas Intermediate crude was at $90.31 a barrel, down $1.54, or 1.68%
The new rates, effective from Monday, are expected to raise transportation and production costs across the import-dependent economy, adding to inflationary pressures
Brent crude futures climbed 52 cents, or 0.54%, to $96.80 a barrel by 2354 GMT while US West Texas Intermediate crude was at $92.14 a barrel, up 66 cents, or 0.72%
The price of Brent crude, the international standard, gained 3.9 per cent to $78.96 per barrel, while US benchmark crude oil added 4 per cent to $74.26 per barrel
Brent crude futures gained 28 cents, or 0.39%, to $72.29, and US WTI crude rose to $68.84 a barrel, up 29 cents, or 0.26% as of 0046 GMT, after settling down to around pre-Iran war levels on Monday
Oil tanker traffic through the Strait of Hormuz is rebounding after the US-Iran ceasefire, though Tehran's transit conditions continue to unsettle shippers
The UAE, with capacity of around 4.8 million barrels per day, has long been one of the most influential and compliant members of Opec+, and is currently the fourth-largest producer in the alliance
In a statement on Tuesday, the UAE said the move, effective May 1, 2026, aligns with its broader economic and strategic priorities, including increased investments in domestic energy production
Last month, the Paris-based IEA oversaw the release of a record 400 million barrels from emergency oil reserves by members including the US, Japan and Germany in an effort to tame spiralling costs
US West Texas Intermediate crude futures fell $1.30, or 1.3 per cent, to settle at $96.57 a barrel, with a weekly decline of 13.4 per cent, its largest since April 2020
Brent futures fell $1.24, or 1.1 per cent, to $107.41 a barrel as of 0148 GMT, while US West Texas Intermediate (WTI) crude fell $1.24, or 1.3 per cent, to $94.90
Tensions in West Asia have put the Strait of Hormuz in focus; here's what this narrow sea route is, why it is crucial for global oil and gas supplies and how any disruption can affect prices worldwide
Brent crude futures fell 91 cents, or 1.3 per cent, to settle at $68.76 a barrel, while US West Texas Intermediate crude declined by $1.04, or 1.5 per cent, to close at $66.29 a barrel
Oil plunged 7 per cent on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession
The slogan 'Drill, baby, drill' was coined in 2008 by Michael Steele, a Republican politician and the first African-American lieutenant governor of Maryland
