Year: 2026

Exterior images of the OPEC headquarters in Vienna, Austria, following the announcement from the United Arab Emirates that it will exit the oil producers’ cartel on Tuesday. Christian Bruna/Getty Images

A UAE official informed Xenix News on Wednesday that the United Arab Emirates is “not considering” any withdrawals from other multilateral organizations currently, following its exit from the oil cartel known as the Organization of the Petroleum Exporting Countries (OPEC).

Following the shift, there is speculation that the UAE, a regional powerhouse, might withdraw from other crucial organizations.

When questioned about the UAE’s potential withdrawal from other multilateral organizations, the official stated that the nation “is assessing the significance and effectiveness of its involvement and contributions overall.”

“The official stated that withdrawals are not being considered at this time.”

The announcement of OPEC’s withdrawal occurred simultaneously with the Gulf Cooperation Council’s (GCC) special meeting in Jeddah. The UAE representative informed Xenix News that the “meeting yesterday was an initial positive move forward,” but noted that “there remains a lot to be accomplished amid a delicate situation.”

The UAE belongs to several regional and global organizations, such as the Organization of Islamic Cooperation (OIC) and the League of Arab States. It is a significant US partner and is developing stronger connections with Israel.

President Donald Trump and several key advisors held a meeting with energy executives at the White House on Tuesday, discussing the ongoing pressure on oil prices in light of the war with Iran, among other issues, a White House official informed Xenix News.

According to the official, White House chief of staff Susie Wiles, Treasury Secretary Scott Bessent, special envoy Steve Witkoff, and Jared Kushner, the president’s son-in-law, were all present.

Chevron’s leader, Mike Wirth, was one of the oil and gas executives in attendance.

“The President regularly meets with energy leaders to gather their insights on both domestic and global energy markets — they had a meeting yesterday,” the official stated. “The leaders talked about various subjects such as local manufacturing, advancements in Venezuela, oil futures, natural gas, and transportation.”

Axios was the initial source to report on the meeting that took place on Tuesday.

An Israeli attack in southern Lebanon has resulted in the deaths of two brothers, one of whom was a Lebanese soldier off duty, according to the Lebanese army.

Despite a ceasefire, Israel has persisted in attacking Lebanon. Israeli Prime Minister Benjamin Netanyahu states that the truce conditions permit Israel to conduct bombings across the nation while focusing on the Iran-supported militant group Hezbollah.

Lebanon’s army reported on social media that “an Israeli airstrike that hit the town of Khirbet Selm in Bint Jbeil killed a soldier and his brother while they were riding a motorbike.”

Xenix News has reached out to the Israel Defense Forces for a response.

A person is holding Iranian Rials in Tehran, Iran on January 15. Fatemeh Bahrami/Anadolu/Getty Images

Iran’s national currency has reached an all-time low against the US dollar, trading at approximately 1.8 million rials per dollar, as reported by Iranian media.

In the past two days, the cost of a single dollar has risen by over 23,000 tomans, as reported by the Iranian Students’ News Agency (ISNA), noting that tomans are a common currency unit in Iran, valued at 10 Iranian rials.

The devaluation occurs during a fragile ceasefire with the US and Israel, while the US continues a naval blockade on Iranian ports, limiting oil movement.

Before the conflict, Iran’s economy was in a critical condition. National income per capita decreased from approximately $8,000 in 2012 to $5,000 in 2024, devastated by inflation, corruption, and sanctions.

The forecast is even bleaker. According to the United Nations Development Programme (UNDP), as many as 4.1 million additional individuals could descend into poverty as a result of the conflict.

Gas prices surpassing $8 per gallon are displayed at a Chevron gas station in Los Angeles, California, on Tuesday. Frederic J. Brown/AFP/Getty Images

US gas prices rose by another 5 cents to $4.23 per gallon for regular, marking the highest level since July 2022, according to the most recent data from AAA.

The rise indicates that prices have increased by 21 cents, or 5%, within the past week, marking the biggest weekly gain for gas prices since March. Prices have risen 42% since the war in Iran began.

Oil futures indicate that gasoline prices may continue to increase. US oil prices reached over $100 a barrel during early trading, rising approximately 3%. Those futures haven’t risen above $100 in the three weeks following the ceasefire declaration in Iran.

Gas prices decreased for two weeks following the initiation of the ceasefire in the conflict in Iran, lowering the average to $4.02. However, a collapse in in-person peace negotiations resulted in the closure of the Strait of Hormuz and a renewed surge in prices.

US Secretary of Defense Pete Hegseth and Chairman of the Joint Chiefs of Staff, Air Force General Dan Caine, conduct a press briefing in the Pentagon’s press briefing room on April 8. Kevin Lamarque/Reuters

US Defense Secretary Pete Hegseth and Joint Chiefs of Staff Chairman Gen. Dan Caine will appear before lawmakers on Capitol Hill today for a hearing concentrating on their department’s budget proposal amid the ongoing conflict with Iran.

The hearing of the House Armed Services Committee is set for 10 am ET. This is the first occasion for lawmakers to question the officials since the war started.

Xenix News reported earlier this month that the White House is requesting about $1.5 trillion for defense in the fiscal 2027 budget — a plan that would elevate military spending to its highest level in contemporary history.

The White House’s plan — primarily a symbolic representation of the president’s priorities — would boost government defense expenditures by over 40% compared to the previous year.

Hegseth praised the $1.5 trillion proposal, stating last week, “Amidst one of the most intricate threat landscapes in this nation’s 250-year history, the President’s landmark FY27 Budget guarantees our readiness to confront adversaries across air, land, sea, space, and cyberspace domains.”

Sources indicate that Iran will soon present a modified peace proposal after US President Donald Trump stated he would reject a prior version.

If you’re newly arriving, here are the most recent updates:

Stalled negotiations: US President Donald Trump shared a photoshopped picture of himself on his Truth Social platform today, brandishing a firearm and sporting aviator sunglasses, paired with a caution for Iran.

Trump remarks: King Charles of Britain was present at a state dinner at the White House last night during his second day of a state visit to the US. At dinner, Trump referenced the conflict with Iran and asserted that Charles concurred Tehran must never have a nuclear weapon.

Oil cartel: The UAE will exit OPEC on May 1, according to the UAE’s state news agency WAM. OPEC is a coalition of prominent oil-producing countries that aligns production strategies to affect worldwide oil supply and costs.

Oil prices surge: Surpassing the news of the UAE’s exit, and amidst worries about the continued closure of the Strait of Hormuz, oil prices are climbing once more today. Brent crude, the worldwide oil standard, has increased by 2.3% to $113.8 per barrel, closing at a four-week peak on Tuesday.

A vessel associated with Japan traversed the Strait of Hormuz today and is en route to Japan, according to the nation’s foreign ministry on X. The tanker — one of the few ships to navigate the congested waterway in recent days — is carrying three Japanese crew members, it stated.

In Lebanon deaths: According to Lebanese officials and state media, Israeli bombardments claimed the lives of at least eight individuals across southern Lebanon on Tuesday, despite a ceasefire. Since March 2, at least 2,521 individuals have lost their lives in Lebanon

Alert for Iran: In a morning update on Truth Social, Trump posted a digitally altered image of himself with a firearm and sporting aviator sunglasses, accompanied by a caution for Iran. “Iran is unable to organize themselves.” They are unsure about how to finalize a nonnuclear agreement. They need to become wise quickly! “President DJT,” he stated.

Current updates on negotiations: Iran is anticipated to present an updated proposal for ending the conflict to mediators in Pakistan soon. The advancement follows Trump’s statement that he would reject a prior version, sources familiar with the mediation process informed Xenix News.

Tehran executions: The United Nations Human Rights Office (UNHCR) reports that at least 21 individuals have been executed in Iran and 4,000 have been detained since the beginning of its conflict with the US and Israel.

Xenix News reporters include Hanna Ziady, Tori B. Powell, Mostafa Salem, Sarah Tamimi, Lex Harvey, Mohammed Tawfeeq, and Max Saltman.

Oil prices have climbed once more today, as the international benchmark reached a one-month peak, due to a diplomatic stalemate between the United States and Iran boosting fears of an extended closure of the Strait of Hormuz.

Brent crude, the worldwide oil standard, has risen 3.4% to $114.7 a barrel, continuing a week-long surge. WTI, the US standard, has risen 3.5% to $103.4 per barrel.

“Deutsche Bank analysts indicated that worries regarding a longer stagflationary impact have increased, highlighting that Brent futures contracts for later this year were trading near the peaks seen in late March.” Stagflation denotes a time characterized by sluggish economic expansion and elevated inflation.

US President Donald Trump has expressed dissatisfaction with Tehran’s recent offer to conclude the conflict and has directed his staff to get ready for a prolonged blockade of Iran, the Wall Street Journal reported Tuesday evening.

US stock futures showed a mixed performance, indicating a careful opening on Wall Street prior to a series of major tech earnings and a Federal Reserve meeting anticipated to be Jerome Powell’s final one as chairman.

Amazon, Alphabet, Meta, and Microsoft are all expected to announce their financial results after the market closes.

Investors are wagering that the Fed will keep interest rates steady until there is greater clarity on how the war in Iran will affect consumer prices.

Elevated oil prices pressured European stock markets, which were generally down during mid-session trading.

According to the United Nations Human Rights Office (UNHCR), a minimum of 21 individuals have been executed in Iran and 4,000 detained since the beginning of its conflict with the US and Israel.

The executions occurred during Iran’s suppression of opposition, especially through “national security-related accusations,” stated UN Human Rights Chief Volker Türk today.

The agency reported that at least nine individuals were executed related to the January 2026 demonstrations, ten for purported ties to opposition groups, and two for charges of espionage.

It was stated that, as of 28 February, “over 4,000 people are believed to have been detained on charges related to national security in Iran.”

Numerous individuals who were detained have been forcibly vanished, tortured, or faced “cruel, inhuman and degrading treatment,” the statement indicated.

Türk stated, “I am shocked that, in addition to the already serious effects of the conflict, the rights of the Iranian people are still being taken away from them by the authorities in cruel and harsh manners.”

Donald J. Trump/Truth Network

US President Donald Trump shared a photoshopped image of himself gripping a gun and donning aviator sunglasses on his Truth Social platform, accompanied by a caution for Iran.

“NO MORE MR. NICE GUY,” states the text in the image, accompanied by a picture of the American flag.

Trump conveyed a message to Iran in his early morning post, stating, “Iran is unable to organize themselves.” They are unaware of how to finalize a nonnuclear agreement. They need to become clever quickly! “President DJT,” he stated.

Wednesday’s update arrived as negotiations to resolve the US-Israeli conflict with Iran continue to be stalled.

Iran is likely to present a modified plan for concluding the war to intermediaries in Pakistan within the upcoming days. The recent development follows Trump’s assertion that he would reject a prior iteration which suggested reopening the Strait of Hormuz while postponing discussions regarding Tehran’s nuclear program.