According to CNBC, markets grapple with the UAE's shock OPEC exit, while also contending with a host of earnings reports and a Fed decision later today.
The United Arab Emirates (UAE) has announced its decision to exit the Organization of the Petroleum Exporting Countries (OPEC), effective May 1.
The move, described as a result of a comprehensive review of the UAE's production policy and future capacity, has sent shockwaves through energy markets and the future of OPEC's influence.
The move adds to existing concerns over geopolitical tensions in the region, particularly with ongoing conflicts involving Iran, which have already disrupted trade routes and raised shipping risk in key corridors.