UAE exits OPEC; Gas prices spike to highest in 4 years - CNN

The United Arab Emirates will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) this week, as the Iran war roils global energy markets.

The global oil price climbed above $110 a barrel for the first time in three weeks today, as worries grow that delays in fully reopening the vital Strait of Hormuz pose mounting risks to global oil supply.

CNN’s Eleni Giokos has the story while CNN business editor-at-large shows why he thinks economic conditions will remain weak.

0:00 CNN correspondent reports from Dubai on the UAE’s “bombshell” announcement
2:11 UAE’s energy minister explains the decision to leave OPEC
4:10 Richard Quest diagrams the likelihood economic turmoil continues
7:20 Quest explains why the UAE is withdrawing from OPEC